Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity Central Index Key | 0000924901 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | VERIS RESIDENTIAL, INC. | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 1,484,991,935 | ||
Entity File Number | 1-13274 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 22-3305147 | ||
Entity Address, Address Line One | Harborside 3, 210 Hudson St. | ||
Entity Address, Address Line Two | Ste. 400 | ||
Entity Address, City or Town | Jersey City | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07311 | ||
City Area Code | 732 | ||
Local Phone Number | 590-1010 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | VRE | ||
Security Exchange Name | NYSE | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 90,948,675 | ||
ICFR Auditor Attestation Flag | true | ||
Documents incorporated by reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Veris Residential, Inc.’s definitive proxy statement for fiscal year ended December 31, 2021 to be issued in conjunction with the registrant’s annual meeting of shareholders expected to be held on June 15, 2022 are incorporated by reference in Part III of this Form 10-K. The definitive proxy statement will be filed by the registrant with the SEC not later than 120 days from the end of the registrant’s fiscal year ended December 31, 2021. | ||
Auditor Firm ID | 238 | ||
Auditor Location | New York, New York | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
VERIS RESIDENTIAL, L.P. [Member] | |||
Entity Registrant Name | VERIS RESIDENTIAL, L.P. | ||
Entity File Number | 333-57103 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Rental property | ||
Land and leasehold interests | $ 494,935 | $ 639,636 |
Buildings and improvements | 3,375,266 | 3,743,831 |
Tenant improvements | 106,654 | 171,623 |
Furniture, fixtures and equipment | 100,011 | 83,553 |
Gross investment in rental property | 4,076,866 | 4,638,643 |
Less - accumulated depreciation and amortization | (583,416) | (656,331) |
Total investment in rental property | 3,493,450 | 3,982,312 |
Real estate held for sale, net | 618,646 | 656,963 |
Net investment in rental property | 4,112,096 | 4,639,275 |
Cash and cash equivalents | 31,754 | 38,096 |
Restricted cash | 19,701 | 14,207 |
Investments in unconsolidated joint ventures | 137,772 | 162,382 |
Unbilled rents receivable, net | 72,285 | 84,907 |
Deferred charges, goodwill and other assets, net | 151,347 | 199,541 |
Accounts receivable | 2,363 | 9,378 |
Total assets | 4,527,318 | 5,147,786 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 572,653 | |
Revolving credit facility and term loans | 148,000 | 25,000 |
Mortgages, loans payable and other obligations, net | 2,241,070 | 2,204,144 |
Dividends and distributions payable | 384 | 1,493 |
Accounts payable, accrued expenses and other liabilities | 134,977 | 194,717 |
Rents received in advance and security deposits | 26,396 | 34,101 |
Accrued interest payable | 5,760 | 10,001 |
Total liabilities | 2,556,587 | 3,042,109 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 521,313 | 513,297 |
Veris Residential, Inc. stockholders’ equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized, 90,947,387 and 90,712,417 shares outstanding | 909 | 907 |
Additional paid-in capital | 2,530,383 | 2,528,187 |
Dividends in excess of net earnings | (1,249,319) | (1,130,277) |
Accumulated other comprehensive income (loss) | 9 | |
Total Veris Residential, Inc. stockholders’ equity | 1,281,982 | 1,398,817 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 127,053 | 148,791 |
Consolidated joint ventures | 40,383 | 44,772 |
Total noncontrolling interests in subsidiaries | 167,436 | 193,563 |
Total equity | 1,449,418 | 1,592,380 |
Total liabilities and equity | 4,527,318 | 5,147,786 |
VERIS RESIDENTIAL, L.P. [Member] | ||
Rental property | ||
Land and leasehold interests | 494,935 | 639,636 |
Buildings and improvements | 3,375,266 | 3,743,831 |
Tenant improvements | 106,654 | 171,623 |
Furniture, fixtures and equipment | 100,011 | 83,553 |
Gross investment in rental property | 4,076,866 | 4,638,643 |
Less - accumulated depreciation and amortization | (583,416) | (656,331) |
Total investment in rental property | 3,493,450 | 3,982,312 |
Real estate held for sale, net | 618,646 | 656,963 |
Net investment in rental property | 4,112,096 | 4,639,275 |
Cash and cash equivalents | 31,754 | 38,096 |
Restricted cash | 19,701 | 14,207 |
Investments in unconsolidated joint ventures | 137,772 | 162,382 |
Unbilled rents receivable, net | 72,285 | 84,907 |
Deferred charges, goodwill and other assets, net | 151,347 | 199,541 |
Accounts receivable | 2,363 | 9,378 |
Total assets | 4,527,318 | 5,147,786 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 572,653 | |
Revolving credit facility and term loans | 148,000 | 25,000 |
Mortgages, loans payable and other obligations, net | 2,241,070 | 2,204,144 |
Dividends and distributions payable | 384 | 1,493 |
Accounts payable, accrued expenses and other liabilities | 134,977 | 194,717 |
Rents received in advance and security deposits | 26,396 | 34,101 |
Accrued interest payable | 5,760 | 10,001 |
Total liabilities | 2,556,587 | 3,042,109 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 521,313 | 513,297 |
Veris Residential, Inc. stockholders’ equity: | ||
General Partner, 90,948,008 and 90,712,417 common units outstanding | 1,211,790 | 1,330,048 |
Limited partners, 9,013,534 and 9,649,031 common units/LTIPs outstanding | 197,236 | 217,560 |
Accumulated other comprehensive income (loss) | 9 | |
Total Veris Residential, L.P. partners’ capital | 1,409,035 | 1,547,608 |
Noncontrolling interests in subsidiaries: | ||
Noncontrolling interests in consolidated joint ventures | 40,383 | 44,772 |
Total equity | 1,449,418 | 1,592,380 |
Total liabilities and equity | $ 4,527,318 | $ 5,147,786 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 90,948,008 | 90,712,417 |
VERIS RESIDENTIAL, L.P. [Member] | ||
General Partner common units outstanding | 90,948,008 | 90,712,417 |
Limited partners common units outstanding | 9,013,534 | 9,649,031 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUES | |||
Revenue from leases | $ 282,791,000 | $ 272,970,000 | $ 302,409,000 |
Total revenues | 329,317,000 | 313,562,000 | 357,202,000 |
EXPENSES | |||
Real estate taxes | 47,859,000 | 45,801,000 | 44,785,000 |
Utilities | 14,802,000 | 13,717,000 | 17,881,000 |
Operating services | 71,851,000 | 68,313,000 | 70,409,000 |
Real estate services expenses | 12,857,000 | 13,555,000 | 15,918,000 |
General and administrative | 57,198,000 | 71,058,000 | 59,805,000 |
Dead deal and transaction-related costs | 12,221,000 | 2,583,000 | |
Depreciation and amortization | 111,618,000 | 122,035,000 | 133,597,000 |
Property impairments | 13,467,000 | 36,582,000 | |
Land and other impairments, net | 23,719,000 | 16,817,000 | 32,444,000 |
Total expenses | 365,592,000 | 390,461,000 | 374,839,000 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (65,192,000) | (80,991,000) | (90,569,000) |
Interest and other investment income (loss) | 524,000 | 43,000 | 2,412,000 |
Equity in earnings (loss) of unconsolidated joint ventures | (4,251,000) | (3,832,000) | (1,319,000) |
Gain on change of control of interests | 13,790,000 | ||
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 3,022,000 | 5,481,000 | 343,102,000 |
Gain on disposition of developable land | 2,115,000 | 5,787,000 | 522,000 |
Gain (loss) on sale of unconsolidated joint venture interests | (1,886,000) | 35,184,000 | 903,000 |
Gain (loss) from extinguishment of debt, net | (47,078,000) | (272,000) | 1,648,000 |
Total other income (expense) | (112,746,000) | (38,600,000) | 270,489,000 |
Net income (loss) from continuing operations | (149,021,000) | (115,499,000) | 252,852,000 |
Discontinued operations: | |||
Income from discontinued operations | 13,930,000 | 70,700,000 | 24,334,000 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 25,552,000 | 11,201,000 | (133,350,000) |
Total discontinued operations, net | 39,482,000 | 81,901,000 | (109,016,000) |
Net income (loss) | (109,539,000) | (33,598,000) | 143,836,000 |
Noncontrolling interests in consolidated joint ventures | 4,595,000 | 2,695,000 | 3,904,000 |
Noncontrolling interests in Operating Partnership of income from continuing operations | 15,469,000 | 13,277,000 | (23,724,000) |
Noncontrolling interests in Operating Partnership in discontinued operations | (3,590,000) | (7,878,000) | 10,460,000 |
Redeemable noncontrolling interests | (25,977,000) | (25,883,000) | (22,615,000) |
Net income (loss) available to common shareholders | $ (119,042,000) | $ (51,387,000) | $ 111,861,000 |
Basic earnings per common share: | |||
Income (loss) from continuing operations | $ (1.79) | $ (1.51) | $ 2.04 |
Discontinued operations | 0.40 | 0.81 | (1.09) |
Net income (loss) available to common shareholders | (1.39) | (0.70) | 0.95 |
Diluted earnings per common share: | |||
Income (loss) from continuing operations | (1.79) | (1.51) | 2.04 |
Discontinued operations | 0.40 | 0.81 | (1.09) |
Net income (loss) available to common shareholders | $ (1.39) | $ (0.70) | $ 0.95 |
Basic weighted average shares outstanding | 90,839 | 90,648 | 90,557 |
Diluted weighted average shares outstanding | 99,893 | 100,260 | 100,689 |
Real Estate Services [Member] | |||
REVENUES | |||
Total revenues | $ 9,596,000 | $ 11,390,000 | $ 13,873,000 |
Parking Income [Member] | |||
REVENUES | |||
Total revenues | 15,003,000 | 15,604,000 | 21,857,000 |
Hotel Income [Member] | |||
REVENUES | |||
Total revenues | 10,618,000 | 4,287,000 | 9,841,000 |
Other Income [Member] | |||
REVENUES | |||
Total revenues | 11,309,000 | 9,311,000 | 9,222,000 |
VERIS RESIDENTIAL, L.P. [Member] | |||
REVENUES | |||
Revenue from leases | 282,791,000 | 272,970,000 | 302,409,000 |
Total revenues | 329,317,000 | 313,562,000 | 357,202,000 |
EXPENSES | |||
Real estate taxes | 47,859,000 | 45,801,000 | 44,785,000 |
Utilities | 14,802,000 | 13,717,000 | 17,881,000 |
Operating services | 71,851,000 | 68,313,000 | 70,409,000 |
Real estate services expenses | 12,857,000 | 13,555,000 | 15,918,000 |
General and administrative | 57,198,000 | 71,058,000 | 59,805,000 |
Dead deal and transaction-related costs | 12,221,000 | 2,583,000 | |
Depreciation and amortization | 111,618,000 | 122,035,000 | 133,597,000 |
Property impairments | 13,467,000 | 36,582,000 | |
Land and other impairments, net | 23,719,000 | 16,817,000 | 32,444,000 |
Total expenses | 365,592,000 | 390,461,000 | 374,839,000 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (65,192,000) | (80,991,000) | (90,569,000) |
Interest and other investment income (loss) | 524,000 | 43,000 | 2,412,000 |
Equity in earnings (loss) of unconsolidated joint ventures | (4,251,000) | (3,832,000) | (1,319,000) |
Gain on change of control of interests | 13,790,000 | ||
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 3,022,000 | 5,481,000 | 343,102,000 |
Gain on disposition of developable land | 2,115,000 | 5,787,000 | 522,000 |
Gain (loss) on sale of unconsolidated joint venture interests | (1,886,000) | 35,184,000 | 903,000 |
Gain (loss) from extinguishment of debt, net | (47,078,000) | (272,000) | 1,648,000 |
Total other income (expense) | (112,746,000) | (38,600,000) | 270,489,000 |
Net income (loss) from continuing operations | (149,021,000) | (115,499,000) | 252,852,000 |
Discontinued operations: | |||
Income from discontinued operations | 13,930,000 | 70,700,000 | 24,334,000 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 25,552,000 | 11,201,000 | (133,350,000) |
Total discontinued operations, net | 39,482,000 | 81,901,000 | (109,016,000) |
Net income (loss) | (109,539,000) | (33,598,000) | 143,836,000 |
Noncontrolling interests in consolidated joint ventures | 4,595,000 | 2,695,000 | 3,904,000 |
Redeemable noncontrolling interests | (25,977,000) | (25,883,000) | (22,615,000) |
Net income (loss) available to common shareholders | $ (130,921,000) | $ (56,786,000) | $ 125,125,000 |
Basic earnings per common share: | |||
Income (loss) from continuing operations | $ (1.79) | $ (1.51) | $ 2.04 |
Discontinued operations | 0.40 | 0.81 | (1.09) |
Net income (loss) available to common shareholders | (1.39) | (0.70) | 0.95 |
Diluted earnings per common share: | |||
Income (loss) from continuing operations | (1.79) | (1.51) | 2.04 |
Discontinued operations | 0.40 | 0.81 | (1.09) |
Net income (loss) available to common shareholders | $ (1.39) | $ (0.70) | $ 0.95 |
Basic weighted average units outstanding | 99,893 | 100,260 | 100,520 |
Diluted weighted average units outstanding | 99,893 | 100,260 | 100,689 |
VERIS RESIDENTIAL, L.P. [Member] | Real Estate Services [Member] | |||
REVENUES | |||
Total revenues | $ 9,596,000 | $ 11,390,000 | $ 13,873,000 |
VERIS RESIDENTIAL, L.P. [Member] | Parking Income [Member] | |||
REVENUES | |||
Total revenues | 15,003,000 | 15,604,000 | 21,857,000 |
VERIS RESIDENTIAL, L.P. [Member] | Hotel Income [Member] | |||
REVENUES | |||
Total revenues | 10,618,000 | 4,287,000 | 9,841,000 |
VERIS RESIDENTIAL, L.P. [Member] | Other Income [Member] | |||
REVENUES | |||
Total revenues | $ 11,309,000 | $ 9,311,000 | $ 9,222,000 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income (loss) | $ (109,539,000) | $ (33,598,000) | $ 143,836,000 |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 10,000 | (16,000) | (10,158,000) |
Comprehensive (income) loss | (109,529,000) | (33,614,000) | 133,678,000 |
Comprehensive (income) loss attributable to noncontrolling interests in consolidated joint ventures | 4,595,000 | 2,695,000 | 3,904,000 |
Comprehensive (income) loss attributable to redeemable noncontrolling interests | (25,977,000) | (25,883,000) | (22,615,000) |
Comprehensive (income) loss attributable to noncontrolling interests in Operating Partnership | 11,878,000 | 5,433,000 | (12,284,000) |
Comprehensive income (loss) attributable to common shareholders | (119,033,000) | (51,369,000) | 102,683,000 |
VERIS RESIDENTIAL, L.P. [Member] | |||
Net income (loss) | (109,539,000) | (33,598,000) | 143,836,000 |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 10,000 | (16,000) | (10,158,000) |
Comprehensive (income) loss | (109,529,000) | (33,614,000) | 133,678,000 |
Comprehensive (income) loss attributable to noncontrolling interests in consolidated joint ventures | 4,595,000 | 2,695,000 | 3,904,000 |
Comprehensive (income) loss attributable to noncontrolling interests in Operating Partnership | (25,977,000) | (25,883,000) | (22,615,000) |
Comprehensive income (loss) attributable to common shareholders | $ (130,911,000) | $ (56,802,000) | $ 114,967,000 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | VERIS RESIDENTIAL, L.P. [Member]General Partner Common Units [Member] | VERIS RESIDENTIAL, L.P. [Member]Limited Partner Common Units/Vested LTIP Units [Member] | VERIS RESIDENTIAL, L.P. [Member]General Partner Common Unitholders [Member] | VERIS RESIDENTIAL, L.P. [Member]Limited Partner Common Unitholders [Member] | VERIS RESIDENTIAL, L.P. [Member]Noncontrolling Interest In Consolidated Joint Ventures [Member] | VERIS RESIDENTIAL, L.P. [Member]Accumulated Other Comprehensive Income (Loss) [Member] | VERIS RESIDENTIAL, L.P. [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Dividends In Excess Of Net Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests In Subsidiaries [Member] | Total |
Balance, value at Dec. 31, 2018 | $ 903 | $ 2,561,503 | $ (1,084,518) | $ 8,770 | $ 210,523 | $ 1,697,181 | |||||||
Balance, shares at Dec. 31, 2018 | 90,320,000 | ||||||||||||
Balance, value at Dec. 31, 2018 | $ 1,413,497 | $ 232,764 | $ 42,150 | $ 8,770 | $ 1,697,181 | ||||||||
Balance, units at Dec. 31, 2018 | 90,320,000 | 10,229,000 | |||||||||||
Net income (loss) | 111,861 | 13,264 | 18,711 | 143,836 | 111,861 | 31,975 | 143,836 | ||||||
Common stock dividends | (72,401) | (72,401) | |||||||||||
Common unit distributions | (72,401) | (8,705) | (81,106) | (8,705) | (8,705) | ||||||||
Redeemable noncontrolling interests | (25,885) | (2,855) | (22,615) | (51,355) | (25,885) | (25,470) | (51,355) | ||||||
Change in noncontrolling interests in consolidated joint ventures | (1,958) | 9,050 | 7,092 | (1,958) | 9,050 | 7,092 | |||||||
Vested LTIP units, shares | 68,000 | ||||||||||||
Redemption of common units for common stock, value | 705 | (705) | $ 1 | 704 | (705) | ||||||||
Redemption of common units for common stock, shares | 38,000 | (20,000) | 38,000 | ||||||||||
Redemption of common units, value | (1,665) | (12,799) | (14,464) | (1,665) | (12,799) | (14,464) | |||||||
Redemption of common units, shares | (665,000) | ||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 39 | 39 | 39 | 39 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 2,000 | 2,000 | |||||||||||
Directors' deferred compensation plan, value | 319 | 319 | $ 2 | 317 | 319 | ||||||||
Directors' deferred compensation plan, shares | 194,000 | 194,000 | |||||||||||
Stock compensation, value | 627 | 7,534 | 8,161 | 627 | 7,534 | 8,161 | |||||||
Stock compensation, shares | 41,000 | 41,000 | |||||||||||
Cancellation of common stock, value | 2,819 | (2,889) | (70) | ||||||||||
Cancellation of restricted shares, value | 2,819 | (2,889) | (70) | ||||||||||
Other comprehensive income (loss) | (390) | (980) | (8,788) | (10,158) | (390) | (8,788) | (980) | (10,158) | |||||
Rebalancing of ownership percentage between parent and subsidiaries | 1,758 | (1,758) | |||||||||||
Balance, value at Dec. 31, 2019 | $ 906 | 2,535,440 | (1,042,629) | (18) | 205,776 | 1,699,475 | |||||||
Balance, shares at Dec. 31, 2019 | 90,595,000 | ||||||||||||
Balance, value at Dec. 31, 2019 | 1,427,568 | 224,629 | 47,296 | (18) | 1,699,475 | ||||||||
Balance, units at Dec. 31, 2019 | 90,595,000 | 9,612,000 | |||||||||||
Net income (loss) | (51,387) | (5,399) | 23,188 | (33,598) | (51,387) | 17,789 | (33,598) | ||||||
Common stock dividends | (36,261) | (36,261) | |||||||||||
Common unit distributions | (36,261) | (3,509) | (39,770) | (3,509) | (3,509) | ||||||||
Redeemable noncontrolling interests | (11,814) | (27,137) | (38,951) | ||||||||||
Decrease in noncontrolling interest | (11,814) | (1,254) | (25,883) | (38,951) | |||||||||
Change in noncontrolling interests in consolidated joint ventures | 171 | 171 | 171 | 171 | |||||||||
Vested LTIP units, shares | 175,000 | ||||||||||||
Redemption of common units, value | (2,693) | (2,693) | (2,693) | (2,693) | |||||||||
Redemption of common units, shares | (138,000) | ||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 37 | 37 | 37 | 37 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | (3,000) | 3,000 | |||||||||||
Directors' deferred compensation plan, value | 291 | 291 | $ 1 | 290 | 291 | ||||||||
Directors' deferred compensation plan, shares | 61,000 | 61,000 | |||||||||||
Stock compensation, value | 1,614 | 6,021 | 7,635 | 1,614 | 6,021 | 7,635 | |||||||
Stock compensation, shares | 53,000 | 53,000 | |||||||||||
Cancellation of common stock, value | (201) | (201) | |||||||||||
Cancellation of restricted shares, value | (201) | (201) | |||||||||||
Other comprehensive income (loss) | (34) | 18 | (16) | 18 | (34) | (16) | |||||||
Rebalancing of ownership percentage between parent and subsidiaries | 2,620 | (2,620) | |||||||||||
Balance, value at Dec. 31, 2020 | $ 907 | 2,528,187 | (1,130,277) | 193,563 | 1,592,380 | ||||||||
Balance, shares at Dec. 31, 2020 | 90,712,000 | ||||||||||||
Balance, value at Dec. 31, 2020 | 1,330,048 | 217,560 | 44,772 | 1,592,380 | |||||||||
Balance, units at Dec. 31, 2020 | 90,712,000 | 9,649,000 | |||||||||||
Net income (loss) | (119,042) | (11,879) | 21,382 | (109,539) | (119,042) | 9,503 | (109,539) | ||||||
Common unit distributions | (645) | (645) | (645) | (645) | |||||||||
Redeemable noncontrolling interests | (7,290) | (726) | (25,977) | (33,993) | (7,290) | (26,703) | (33,993) | ||||||
Change in noncontrolling interests in consolidated joint ventures | 206 | 206 | 206 | 206 | |||||||||
Vested LTIP units, shares | 270,000 | ||||||||||||
Redemption of common units for common stock, value | 2,716 | (2,716) | $ 2 | 2,714 | (2,716) | ||||||||
Redemption of common units for common stock, shares | 175,000 | (175,000) | 175,000 | ||||||||||
Redemption of common units, value | (11,357) | (11,357) | (11,357) | $ (11,357) | |||||||||
Redemption of common units, shares | (731,000) | 53,000 | |||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 28 | 28 | 28 | $ 28 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 3,000 | 3,000 | |||||||||||
Directors' deferred compensation plan, value | 314 | 314 | 314 | 314 | |||||||||
Stock compensation, value | 5,139 | 5,708 | 10,847 | 5,139 | 5,708 | 10,847 | |||||||
Stock compensation, shares | 58,000 | 58,000 | |||||||||||
Cancellation of restricted shares, value | (123) | (123) | (123) | (123) | |||||||||
Other comprehensive income (loss) | 1 | 9 | 10 | 9 | 1 | 10 | |||||||
Rebalancing of ownership percentage between parent and subsidiaries | 1,414 | (1,414) | |||||||||||
Balance, value at Dec. 31, 2021 | $ 909 | $ 2,530,383 | $ (1,249,319) | $ 9 | $ 167,436 | $ 1,449,418 | |||||||
Balance, shares at Dec. 31, 2021 | 90,948,000 | ||||||||||||
Balance, value at Dec. 31, 2021 | $ 1,211,790 | $ 197,236 | $ 40,383 | $ 9 | $ 1,449,418 | ||||||||
Balance, units at Dec. 31, 2021 | 90,948,000 | 9,013,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income (loss) | $ (109,539,000) | $ (33,598,000) | $ 143,836,000 | ||||
Net income (loss) from discontinued operations | (39,482,000) | (81,901,000) | 109,016,000 | ||||
Net income (loss) from continuing operations | (149,021,000) | (115,499,000) | 252,852,000 | ||||
Adjustments to reconcile net income (loss) to net cash provided by Operating activities: | |||||||
Depreciation and amortization, including related intangible assets | 108,839,000 | 118,345,000 | 129,725,000 | ||||
Amortization of directors deferred compensation stock units | 314,000 | 291,000 | 319,000 | ||||
Amortization of stock compensation | 10,847,000 | 7,635,000 | 8,161,000 | ||||
Amortization of deferred financing costs | 4,568,000 | 4,625,000 | 4,625,000 | ||||
Amortization of debt discount and mark-to-market | 232,000 | (1,083,000) | (949,000) | ||||
Equity in (earnings) loss of unconsolidated joint ventures | 4,251,000 | 3,832,000 | 1,319,000 | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 759,000 | 5,300,000 | 6,923,000 | ||||
Gain on change of control of interests | (13,790,000) | ||||||
Write-off transaction-related costs | 7,922,000 | ||||||
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | (3,022,000) | (5,481,000) | (343,102,000) | ||||
Gain on disposition of developable land | (2,115,000) | (5,787,000) | (522,000) | ||||
Property impairments | 13,467,000 | 36,582,000 | |||||
Land and other impairments, net | 23,719,000 | 16,817,000 | 32,444,000 | ||||
(Gain) Loss from sale of investment in unconsolidated joint venture | 1,886,000 | (35,184,000) | (903,000) | ||||
(Gain) Loss from extinguishment of debt | 47,078,000 | 272,000 | (1,648,000) | ||||
Loan loss allowance charge | 200,000 | ||||||
Changes in operating assets and liabilities: | |||||||
(Increase) decrease in unbilled rents receivable, net | (6,976,000) | (1,135,000) | (7,240,000) | ||||
Increase in deferred charges, goodwill and other assets | (5,022,000) | (806,000) | (21,921,000) | ||||
Decrease (increase) in accounts receivable, net | 5,544,000 | (5,117,000) | 2,132,000 | ||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (11,268,000) | (9,577,000) | 1,820,000 | ||||
(Decrease) Increase in rents received in advance and security deposits | 55,000 | (2,446,000) | 2,002,000 | ||||
Increase (decrease) in accrued interest payable | 258,000 | (184,000) | 1,068,000 | ||||
Net cash flows provided by operating activities - continuing operations | 52,315,000 | 11,400,000 | 53,315,000 | ||||
Net cash flows provided by operating activities - discontinuing operations | 3,800,000 | 74,022,000 | 78,527,000 | ||||
Net cash provided by operating activities | 56,115,000 | 85,422,000 | 131,842,000 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Rental property acquisitions and related intangibles | (16,811,000) | (956,040,000) | |||||
Rental property additions and improvements | (65,101,000) | (138,688,000) | (88,240,000) | ||||
Development of rental property and other related costs | (211,617,000) | (295,892,000) | (172,309,000) | ||||
Proceeds from the sales of rental property | 52,391,000 | 64,947,000 | 825,613,000 | ||||
Proceeds from the sale of unconsolidated joint venture interests | 3,865,000 | 64,773,000 | 4,039,000 | ||||
Repayment of notes receivable | 7,257,000 | 458,000 | 46,597,000 | ||||
Investment in unconsolidated joint ventures | (1,280,000) | (2,959,000) | (9,011,000) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 15,703,000 | 13,826,000 | 8,697,000 | ||||
Net cash used in investing activities - continuing operations | (198,782,000) | (310,346,000) | (340,654,000) | ||||
Net cash provided by investing activities - discontinuing operations | 645,011,000 | 338,811,000 | (75,421,000) | ||||
Net cash provided by (used in) investing activities | 446,229,000 | 28,465,000 | (416,075,000) | ||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Borrowings from revolving credit facility | 196,000,000 | 212,000,000 | 829,000,000 | ||||
Repayment of revolving credit facility | (73,000,000) | (516,000,000) | (617,000,000) | ||||
Borrowings from term loans | 150,000,000 | ||||||
Repayment of term loans | (150,000,000) | (675,000,000) | |||||
Repayment of senior unsecured notes | (573,727,000) | ||||||
Proceeds from mortgages and loans payable | 226,422,000 | 381,577,000 | 877,126,000 | ||||
Repayment of mortgages, loans payable and other obligations | (192,995,000) | (86,561,000) | (155,115,000) | ||||
Payment of early debt extinguishment costs | (49,874,000) | ||||||
Acquisition of noncontrolling interests | (5,017,000) | ||||||
(Redemption) issuance of redeemable noncontrolling interests, net | (3,153,000) | 145,000,000 | |||||
Common unit redemptions | (898,000) | (2,693,000) | (7,769,000) | ||||
Payment of financing costs | (8,874,000) | (1,677,000) | (12,339,000) | ||||
Contributions from noncontrolling interests | 207,000 | 171,000 | (466,000) | ||||
Distributions to redeemable noncontrolling interests | (25,977,000) | (25,883,000) | (21,883,000) | ||||
Payment of common dividends and distributions | (475,000) | (60,532,000) | (80,692,000) | ||||
Net cash (used in) provided by financing activities | (503,191,000) | (102,751,000) | 275,845,000 | ||||
Net decrease in cash and cash equivalents | (847,000) | 11,136,000 | (8,388,000) | ||||
Cash, cash equivalents and restricted cash, beginning of period | [1] | 52,302,000 | [2] | 41,166,000 | [2] | 49,554,000 | |
Cash, cash equivalents and restricted cash, end of period | [2] | 51,455,000 | 52,302,000 | [1] | 41,166,000 | [1] | |
VERIS RESIDENTIAL, L.P. [Member] | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income (loss) | (109,539,000) | (33,598,000) | 143,836,000 | ||||
Net income (loss) from discontinued operations | (39,482,000) | (81,901,000) | 109,016,000 | ||||
Net income (loss) from continuing operations | (149,021,000) | (115,499,000) | 252,852,000 | ||||
Adjustments to reconcile net income (loss) to net cash provided by Operating activities: | |||||||
Depreciation and amortization, including related intangible assets | 108,839,000 | 118,345,000 | 129,725,000 | ||||
Amortization of directors deferred compensation stock units | 314,000 | 291,000 | 319,000 | ||||
Amortization of stock compensation | 10,847,000 | 7,635,000 | 8,161,000 | ||||
Amortization of deferred financing costs | 4,568,000 | 4,625,000 | 4,625,000 | ||||
Amortization of debt discount and mark-to-market | 232,000 | (1,083,000) | (949,000) | ||||
Equity in (earnings) loss of unconsolidated joint ventures | 4,251,000 | 3,832,000 | 1,319,000 | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 759,000 | 5,300,000 | 6,923,000 | ||||
Gain on change of control of interests | (13,790,000) | ||||||
Write-off transaction-related costs | 7,922,000 | ||||||
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | (3,022,000) | (5,481,000) | (343,102,000) | ||||
Gain on disposition of developable land | (2,115,000) | (5,787,000) | (522,000) | ||||
Property impairments | 13,467,000 | 36,582,000 | |||||
Land and other impairments, net | 23,719,000 | 16,817,000 | 32,444,000 | ||||
(Gain) Loss from sale of investment in unconsolidated joint venture | 1,886,000 | (35,184,000) | (903,000) | ||||
(Gain) Loss from extinguishment of debt | 47,078,000 | 272,000 | (1,648,000) | ||||
Changes in operating assets and liabilities: | |||||||
(Increase) decrease in unbilled rents receivable, net | (6,976,000) | (1,135,000) | (7,240,000) | ||||
Increase in deferred charges, goodwill and other assets | (5,022,000) | (806,000) | (21,921,000) | ||||
Decrease (increase) in accounts receivable, net | 5,544,000 | (5,117,000) | 2,132,000 | ||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (11,268,000) | (9,577,000) | 1,820,000 | ||||
(Decrease) Increase in rents received in advance and security deposits | 55,000 | (2,446,000) | 2,002,000 | ||||
Increase (decrease) in accrued interest payable | 258,000 | (184,000) | 1,068,000 | ||||
Net cash flows provided by operating activities - continuing operations | 52,315,000 | 11,400,000 | 53,315,000 | ||||
Net cash flows provided by operating activities - discontinuing operations | 3,800,000 | 74,022,000 | 78,527,000 | ||||
Net cash provided by operating activities | 56,115,000 | 85,422,000 | 131,842,000 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Rental property acquisitions and related intangibles | (16,811,000) | (956,040,000) | |||||
Rental property additions and improvements | (65,101,000) | (138,688,000) | (88,240,000) | ||||
Development of rental property and other related costs | (211,617,000) | (295,892,000) | (172,309,000) | ||||
Proceeds from the sales of rental property | 52,391,000 | 64,947,000 | 825,613,000 | ||||
Proceeds from the sale of unconsolidated joint venture interests | 3,865,000 | 64,773,000 | 4,039,000 | ||||
Repayment of notes receivable | 7,257,000 | 458,000 | 46,597,000 | ||||
Investment in unconsolidated joint ventures | (1,280,000) | (2,959,000) | (9,011,000) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 15,703,000 | 13,826,000 | 8,697,000 | ||||
Net cash used in investing activities - continuing operations | (198,782,000) | (310,346,000) | (340,654,000) | ||||
Net cash provided by investing activities - discontinuing operations | 645,011,000 | 338,811,000 | (75,421,000) | ||||
Net cash provided by (used in) investing activities | 446,229,000 | 28,465,000 | (416,075,000) | ||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Borrowings from revolving credit facility | 196,000,000 | 212,000,000 | 829,000,000 | ||||
Repayment of revolving credit facility | (73,000,000) | (516,000,000) | (617,000,000) | ||||
Borrowings from term loans | 150,000,000 | ||||||
Repayment of term loans | 150,000,000 | 675,000,000 | |||||
Repayment of senior unsecured notes | (573,727,000) | ||||||
Proceeds from mortgages and loans payable | 226,422,000 | 381,577,000 | 877,126,000 | ||||
Repayment of mortgages, loans payable and other obligations | (192,995,000) | (86,561,000) | (155,115,000) | ||||
Payment of early debt extinguishment costs | (49,874,000) | ||||||
Acquisition of noncontrolling interests | (5,017,000) | ||||||
(Redemption) issuance of redeemable noncontrolling interests, net | (3,153,000) | 145,000,000 | |||||
Common unit redemptions | (898,000) | (2,693,000) | (7,769,000) | ||||
Payment of financing costs | (8,874,000) | (1,677,000) | (12,339,000) | ||||
Contributions from noncontrolling interests | 207,000 | 171,000 | (466,000) | ||||
Distributions to redeemable noncontrolling interests | (25,977,000) | (25,883,000) | (21,883,000) | ||||
Payment of common dividends and distributions | (475,000) | (60,532,000) | (80,692,000) | ||||
Net cash (used in) provided by financing activities | (503,191,000) | (102,751,000) | 275,845,000 | ||||
Net decrease in cash and cash equivalents | (847,000) | 11,136,000 | (8,388,000) | ||||
Cash, cash equivalents and restricted cash, beginning of period | [1] | 52,302,000 | [2] | 41,166,000 | [2] | 49,554,000 | |
Cash, cash equivalents and restricted cash, end of period | [2] | $ 51,455,000 | $ 52,302,000 | [1] | $ 41,166,000 | [1] | |
[1] | Includes Restricted Cash of $ 14,207 , $ 15,577 and $ 19,921 as of December 31, 2020, 2019 and 2018, respectively. | ||||||
[2] | Includes Restricted Cash of $ 19,701 , $ 14,207 and $ 15,577 as of December 31, 2021, 2020 and 2019, respectively. |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted cash | $ 19,701 | $ 14,207 | $ 15,577 | $ 19,921 |
VERIS RESIDENTIAL, L.P. [Member] | ||||
Restricted cash | $ 19,701 | $ 14,207 | $ 15,577 | $ 19,921 |
Organization And Basis Of Prese
Organization And Basis Of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization And Basis Of Presentation [Line Items] | |
Organization And Basis Of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Organization Veris Residential, Inc., a Maryland corporation, together with its subsidiaries (collectively, the “General Partner”), is a fully-integrated, self-administered, self-managed real estate investment trust (“REIT”). In December 2021, the Company changed its name from Mack-Cali Realty Corporation to Veris Residential, Inc. reflecting the Company’s continued transition to a multifamily REIT, and on December 10, 2021, the Company began trading on the New York Stock Exchange (“NYSE”) under its new ticker symbol, “VRE”. The General Partner controls Veris Residential, L.P., a Delaware limited partnership, together with its subsidiaries (collectively, the “Operating Partnership”), as its sole general partner and owned a 91.0 and 90.4 percent common unit interest in the Operating Partnership as of December 31, 2021 and 2020, respectively. The General Partner’s business is the ownership of interests in and operation of the Operating Partnership and all of the General Partner’s expenses are incurred for the benefit of the Operating Partnership. The General Partner is reimbursed by the Operating Partnership for all expenses it incurs relating to the ownership and operation of the Operating Partnership. The Operating Partnership conducts the business of providing management, leasing, acquisition, development and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Veris property-owning partnerships and limited liability companies, is the entity through which all of the General Partner’s operations are conducted. Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries. As of December 31, 2021, the Company owned or had interests in 36 properties (the “Properties”). The Properties are comprised of 22 multifamily rental properties as well as non-core assets comprised of seven office properties, four parking/retail properties, three hotels, plus developable land (collectively, the “Properties”). The properties are comprised of: (a) 27 wholly-owned or Company-controlled properties comprised of 15 multifamily properties and 12 non-core assets, and (b) nine properties owned by unconsolidated joint ventures in which the Company has investment interests, including seven multifamily properties and two non-core assets. On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jersey (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. BASIS OF PRESENTATION The accompanying consolidated financial statements include all accounts of the Company, its majority-owned and/or controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated. Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. On January 1, 2016, the Company adopted accounting guidance under ASC 810, Consolidation, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the parent company, Veris Residential, Inc.. As the Operating Partnership is already consolidated in the balance sheets of Veris Residential, Inc., the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of Veris Residential, Inc.. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As of December 31, 2021 and 2020, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, other than Veris Residential Partners, L.P., formerly known as Roseland Residential, L.P. (See Note 15: Redeemable Noncontrolling Interests-Rockpoint Transaction), have total real estate assets of $477.5 million and $486.1 million, respectively, other assets of $5.3 million and $4.5 million, respectively, mortgages of $285.7 million and $284.8 million, respectively, and other liabilities of $21.2 million and $21 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation, primarily related to classification of certain properties as discontinued operations. During the year ended December 31, 2020, the Company’s management recorded an out-of-period adjustment relating to Land and other impairments expense, which was understated for the period ended December 31, 2019. Management concluded that this error was not material to the Company’s consolidated financial statements for any of the current or prior periods. The adjustment is reflected herein as a $2.5 million increase to Land and other impairments expense in the Company’s consolidated statements of operations for the year ended December 31, 2020, and a corresponding decrease in Real estate held for sale, net, in the Company’s balance sheets as of December 31, 2020. |
VERIS RESIDENTIAL, L.P. [Member] | |
Organization And Basis Of Presentation [Line Items] | |
Organization And Basis Of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Organization Veris Residential, Inc., a Maryland corporation, together with its subsidiaries (collectively, the “General Partner”), is a fully-integrated, self-administered, self-managed real estate investment trust (“REIT”). In December 2021, the Company changed its name from Mack-Cali Realty Corporation to Veris Residential, Inc. reflecting the Company’s continued transition to a multifamily REIT, and on December 10, 2021, the Company began trading on the New York Stock Exchange (“NYSE”) under its new ticker symbol, “VRE”. The General Partner controls Veris Residential, L.P., a Delaware limited partnership, together with its subsidiaries (collectively, the “Operating Partnership”), as its sole general partner and owned a 91.0 and 90.4 percent common unit interest in the Operating Partnership as of December 31, 2021 and 2020, respectively. The General Partner’s business is the ownership of interests in and operation of the Operating Partnership and all of the General Partner’s expenses are incurred for the benefit of the Operating Partnership. The General Partner is reimbursed by the Operating Partnership for all expenses it incurs relating to the ownership and operation of the Operating Partnership. The Operating Partnership conducts the business of providing management, leasing, acquisition, development and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Veris property-owning partnerships and limited liability companies, is the entity through which all of the General Partner’s operations are conducted. Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries. As of December 31, 2021, the Company owned or had interests in 36 properties (the “Properties”). The Properties are comprised of 22 multifamily rental properties as well as non-core assets comprised of seven office properties, four parking/retail properties, three hotels, plus developable land (collectively, the “Properties”). The properties are comprised of: (a) 27 wholly-owned or Company-controlled properties comprised of 15 multifamily properties and 12 non-core assets, and (b) nine properties owned by unconsolidated joint ventures in which the Company has investment interests, including seven multifamily properties and two non-core assets. On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jersey (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. BASIS OF PRESENTATION The accompanying consolidated financial statements include all accounts of the Company, its majority-owned and/or controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated. Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. On January 1, 2016, the Company adopted accounting guidance under ASC 810, Consolidation, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the parent company, Veris Residential, Inc.. As the Operating Partnership is already consolidated in the balance sheets of Veris Residential, Inc., the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of Veris Residential, Inc.. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As of December 31, 2021 and 2020, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, other than Veris Residential Partners, L.P., formerly known as Roseland Residential, L.P. (See Note 15: Redeemable Noncontrolling Interests-Rockpoint Transaction), have total real estate assets of $477.5 million and $486.1 million, respectively, other assets of $5.3 million and $4.5 million, respectively, mortgages of $285.7 million and $284.8 million, respectively, and other liabilities of $21.2 million and $21 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation, primarily related to classification of certain properties as discontinued operations. During the year ended December 31, 2020, the Company’s management recorded an out-of-period adjustment relating to Land and other impairments expense, which was understated for the period ended December 31, 2019. Management concluded that this error was not material to the Company’s consolidated financial statements for any of the current or prior periods. The adjustment is reflected herein as a $2.5 million increase to Land and other impairments expense in the Company’s consolidated statements of operations for the year ended December 31, 2020, and a corresponding decrease in Real estate held for sale, net, in the Company’s balance sheets as of December 31, 2020. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $2.4 million, $2.0 million and $2.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of December 31, 2021 and 2020 is real estate and building and tenant improvements not in service; as follows (dollars in thousands): December 31, December 31, 2021 2020Land held for development (including pre-development costs, if any) (a)(b)$ 341,496 $ 364,946Development and construction in progress, including land (c) 694,768 733,560Total $ 1,036,264 $ 1,098,506 (a)Includes predevelopment and infrastructure costs included in buildings and improvements of $150.9 million and $160.3 million as of December 31, 2021 and December 31, 2020, respectively.(b)Includes $115.5 million of land and $81.3 million of building and improvements pertaining to assets held for sale at December 31, 2020.(c)Includes land of $68.8 million and $74.9 million as of December 31, 2021 and December 31, 2020, respectively. The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants or residents, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative commercial square footage or multifamily units of each portion, and capitalizes only those costs associated with the portion under construction. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Leasehold interestsRemaining lease termBuildings and improvements5 to 40 yearsTenant improvementsThe shorter of the term of the related lease or useful lifeFurniture, fixtures and equipment5 to 10 years Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below-market leases, (ii) in-place leases and (iii) tenant relationships. For asset acquisitions, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed differ from the purchase consideration of a business combination transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The values of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The values of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships or leases. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management, depending on the type of property, may include reviewing low leased percentages, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction cost overruns and/or other factors, including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property over its estimated holding period is less than the carrying value of the property. If there are different possible scenarios for a property, the Company will take a probability weighted approach to estimating future cash flow scenarios. To the extent impairment has occurred, the impairment loss is measured as the excess of the carrying value of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated and estimated fair values for each property are based on a number of assumptions, including but not limited to estimated holding periods, outcome probabilities, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, food, beverage and lodging demands, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Real Estate Held for Sale and Discontinued Operations When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of expected selling costs, of such assets. The Company generally considers assets (as identified by their disposal groups) to be held for sale when the transaction has received appropriate corporate authority, it is probable to be sold within the following 12 months, and there are no significant contingencies relating to a sale. If, in management’s opinion, the estimated net sales price, net of expected selling costs, of the disposal groups which have been identified as held for sale is less than the carrying value of the assets, a valuation allowance (which is recorded as unrealized losses on disposition of rental property) is established. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of assumptions, including but not limited to the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. In addition, the Company classifies assets held for sale or sold as discontinued operations if the disposal groups represent a strategic shift that will have a major effect on the Company’s operations and financial results. For any disposals qualifying as discontinued operations, the assets and their results are presented in discontinued operations in the financial statements for all periods presented. See Note 7: Discontinued Operations. If circumstances arise that previously were considered unlikely and, as a result, the Company has determined that an asset previously classified as held for sale, no longer meets the held for sale criteria, the asset is reclassified as held and used. An asset that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used, or (b) the fair value at the date the asset qualified as held for sale. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions including but not limited to estimates of future cash flows, market capitalization rates and discount rates, if applicable. These assumptions are based on management's experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. See Note 4: Investments in Unconsolidated Joint Ventures. Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $4.6 million for each of the years ended December 31, 2021, 2020 and 2019. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. Included in the gains(losses) from extinguishment of debt, net, of $(47.1) million, $(0.3) million and $1.6 million for the years ended December 31, 2021, 2020 and 2019 were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to zero, zero and $0.4 million, respectively. Deferred Leasing Costs/Leasing Personnel Costs Costs incurred in connection with successfully executed commercial and residential leases were capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs were charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such leasing personnel costs in General and Administrative expense costs in the Company’s Consolidated Statements of Operations, which amounted to $1.5 million, $1.5 million and $2.3 million (excluding any severance – related costs) for the years ended December 31, 2021, 2020 and 2019, respectively. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. The Company determined that its goodwill, with a balance of $2.9 million, was impaired at December 31, 2021 after management performed its impairment tests and recognized an impairment of $2.9 million. Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. Revenue Recognition Revenue from leases includes fixed base rents under leases, which are recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. The Company elected a practical expedient for its rental properties (as lessor) to avoid separating non-lease components that otherwise would need to be accounted for under the recently-adopted revenue accounting guidance (such as tenant reimbursements of property operating expenses) from the associated lease component since (1) the non-lease components have the same timing and pattern of transfer as the associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease; this enables the Company to account for the combination of the lease component and non-lease components as an operating lease since the lease component is the predominant component of the combined components. Due to the Company’s adoption of the practical expedient discussed above to not separate non-lease component revenue from the associated lease component, the Company is aggregating revenue from its lease components and non-lease components (comprised predominantly of tenant operating expense reimbursements) into the line entitled “Revenue from leases.” Revenue from leases also includes reimbursements and recoveries from tenants received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 14: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income is comprised of income from parking spaces leased to tenants and others. Hotel income includes all revenue generated from hotel properties. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. All bad debt expense is being recorded as a reduction of the corresponding revenue account starting on January 1, 2019. Management performs a detailed review of amounts due from tenants for collectability, based on factors affecting the billings and status of individual tenants. The factors considered by management in determining which individual tenant’s revenues are affected include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of bad debt write-off’s requires management to exercise judgment about the timing, frequency and severity of collection losses, which affects the revenue recorded. Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2021, the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $941.6 million. The Operating Partnership’s taxable income (loss) for the year ended December 31, 2021, 2020 and 2019 was estimated to be approximately $(17.7) million, $79.3 million and $71.2 million, respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The deferred tax asset balance at December 31, 2021 amounted to $29.2 million which has been fully reserved through a valuation allowance. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of December 31, 2021, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2018 forward. Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividend obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. On March 19, 2021, the Company announced that its Board of Directors would continue to suspend its common dividend for the remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company’s projected 2021 taxable income estimates. The Company believes that with its estimated taxable income/loss for 2021, it will meet its dividend obligations as a REIT for the year with no dividends paid. The Company anticipates its regular quarterly common dividend to remain suspended while it seeks to conclude its transition into a pureplay multifamily REIT. The dividends and distributions payable at December 31, 2021 and 2020 represent amounts payable on unvested LTIP units. The Company has determined that the $0.60 dividend per common share paid during the year ended December 31, 2020 represented approximately 19 percent ordinary income and approximately 81 percent capital gain and the $0.80 dividend per common share paid during the year ended December 31, 2019 represented 100 percent capital gain. Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid-in capital. Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, long term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. For unvested securities that are forfeited prior to the measurement period being complete, the Company elected to account for forfeiture of employee awards as they occur. The Company recorded stock compensation expense of $10.8 million, $7.6 million and $8.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. Other Comprehensive Income (Loss) Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. Redeemable Noncontrolling Interests The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as in |
VERIS RESIDENTIAL, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $2.4 million, $2.0 million and $2.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of December 31, 2021 and 2020 is real estate and building and tenant improvements not in service; as follows (dollars in thousands): December 31, December 31, 2021 2020Land held for development (including pre-development costs, if any) (a)(b)$ 341,496 $ 364,946Development and construction in progress, including land (c) 694,768 733,560Total $ 1,036,264 $ 1,098,506 (a)Includes predevelopment and infrastructure costs included in buildings and improvements of $150.9 million and $160.3 million as of December 31, 2021 and December 31, 2020, respectively.(b)Includes $115.5 million of land and $81.3 million of building and improvements pertaining to assets held for sale at December 31, 2020.(c)Includes land of $68.8 million and $74.9 million as of December 31, 2021 and December 31, 2020, respectively. The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants or residents, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative commercial square footage or multifamily units of each portion, and capitalizes only those costs associated with the portion under construction. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Leasehold interestsRemaining lease termBuildings and improvements5 to 40 yearsTenant improvementsThe shorter of the term of the related lease or useful lifeFurniture, fixtures and equipment5 to 10 years Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below-market leases, (ii) in-place leases and (iii) tenant relationships. For asset acquisitions, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed differ from the purchase consideration of a business combination transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The values of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The values of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships or leases. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management, depending on the type of property, may include reviewing low leased percentages, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction cost overruns and/or other factors, including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property over its estimated holding period is less than the carrying value of the property. If there are different possible scenarios for a property, the Company will take a probability weighted approach to estimating future cash flow scenarios. To the extent impairment has occurred, the impairment loss is measured as the excess of the carrying value of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated and estimated fair values for each property are based on a number of assumptions, including but not limited to estimated holding periods, outcome probabilities, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, food, beverage and lodging demands, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Real Estate Held for Sale and Discontinued Operations When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of expected selling costs, of such assets. The Company generally considers assets (as identified by their disposal groups) to be held for sale when the transaction has received appropriate corporate authority, it is probable to be sold within the following 12 months, and there are no significant contingencies relating to a sale. If, in management’s opinion, the estimated net sales price, net of expected selling costs, of the disposal groups which have been identified as held for sale is less than the carrying value of the assets, a valuation allowance (which is recorded as unrealized losses on disposition of rental property) is established. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of assumptions, including but not limited to the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. In addition, the Company classifies assets held for sale or sold as discontinued operations if the disposal groups represent a strategic shift that will have a major effect on the Company’s operations and financial results. For any disposals qualifying as discontinued operations, the assets and their results are presented in discontinued operations in the financial statements for all periods presented. See Note 7: Discontinued Operations. If circumstances arise that previously were considered unlikely and, as a result, the Company has determined that an asset previously classified as held for sale, no longer meets the held for sale criteria, the asset is reclassified as held and used. An asset that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used, or (b) the fair value at the date the asset qualified as held for sale. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions including but not limited to estimates of future cash flows, market capitalization rates and discount rates, if applicable. These assumptions are based on management's experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. See Note 4: Investments in Unconsolidated Joint Ventures. Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $4.6 million for each of the years ended December 31, 2021, 2020 and 2019. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. Included in the gains(losses) from extinguishment of debt, net, of $(47.1) million, $(0.3) million and $1.6 million for the years ended December 31, 2021, 2020 and 2019 were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to zero, zero and $0.4 million, respectively. Deferred Leasing Costs/Leasing Personnel Costs Costs incurred in connection with successfully executed commercial and residential leases were capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs were charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such leasing personnel costs in General and Administrative expense costs in the Company’s Consolidated Statements of Operations, which amounted to $1.5 million, $1.5 million and $2.3 million (excluding any severance – related costs) for the years ended December 31, 2021, 2020 and 2019, respectively. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. The Company determined that its goodwill, with a balance of $2.9 million, was impaired at December 31, 2021 after management performed its impairment tests and recognized an impairment of $2.9 million. Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. Revenue Recognition Revenue from leases includes fixed base rents under leases, which are recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. The Company elected a practical expedient for its rental properties (as lessor) to avoid separating non-lease components that otherwise would need to be accounted for under the recently-adopted revenue accounting guidance (such as tenant reimbursements of property operating expenses) from the associated lease component since (1) the non-lease components have the same timing and pattern of transfer as the associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease; this enables the Company to account for the combination of the lease component and non-lease components as an operating lease since the lease component is the predominant component of the combined components. Due to the Company’s adoption of the practical expedient discussed above to not separate non-lease component revenue from the associated lease component, the Company is aggregating revenue from its lease components and non-lease components (comprised predominantly of tenant operating expense reimbursements) into the line entitled “Revenue from leases.” Revenue from leases also includes reimbursements and recoveries from tenants received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 14: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income is comprised of income from parking spaces leased to tenants and others. Hotel income includes all revenue generated from hotel properties. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. All bad debt expense is being recorded as a reduction of the corresponding revenue account starting on January 1, 2019. Management performs a detailed review of amounts due from tenants for collectability, based on factors affecting the billings and status of individual tenants. The factors considered by management in determining which individual tenant’s revenues are affected include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of bad debt write-off’s requires management to exercise judgment about the timing, frequency and severity of collection losses, which affects the revenue recorded. Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2021, the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $941.6 million. The Operating Partnership’s taxable income (loss) for the year ended December 31, 2021, 2020 and 2019 was estimated to be approximately $(17.7) million, $79.3 million and $71.2 million, respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The deferred tax asset balance at December 31, 2021 amounted to $29.2 million which has been fully reserved through a valuation allowance. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of December 31, 2021, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2018 forward. Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividend obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. On March 19, 2021, the Company announced that its Board of Directors would continue to suspend its common dividend for the remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company’s projected 2021 taxable income estimates. The Company believes that with its estimated taxable income/loss for 2021, it will meet its dividend obligations as a REIT for the year with no dividends paid. The Company anticipates its regular quarterly common dividend to remain suspended while it seeks to conclude its transition into a pureplay multifamily REIT. The dividends and distributions payable at December 31, 2021 and 2020 represent amounts payable on unvested LTIP units. The Company has determined that the $0.60 dividend per common share paid during the year ended December 31, 2020 represented approximately 19 percent ordinary income and approximately 81 percent capital gain and the $0.80 dividend per common share paid during the year ended December 31, 2019 represented 100 percent capital gain. Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid-in capital. Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, long term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. For unvested securities that are forfeited prior to the measurement period being complete, the Company elected to account for forfeiture of employee awards as they occur. The Company recorded stock compensation expense of $10.8 million, $7.6 million and $8.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. Other Comprehensive Income (Loss) Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. Redeemable Noncontrolling Interests The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as in |
Recent Transactions
Recent Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Recent Transactions [Line Items] | |
Recent Transactions | 3. RECENT TRANSACTIONS Properties Commencing Initial Operations The following properties commenced initial operations during the years ended December 31, 2021 and 2020 (dollars in thousands): 2021 TotalIn Service Property# of DevelopmentDatePropertyLocationTypeApartment Units Costs Incurred03/01/21The Upton (a)Short Hills, NJMultifamily193 $ 101,26907/01/21Riverhouse 9 at Port Imperial (b)Weehawken, NJMultifamily313 164,633Totals 506 $ 265,902 (a)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.9 million in land costs.(b)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.7 million in land costs. Additionally, a land lease located in Parsippany, New Jersey also commenced initial operations during the first quarter 2021. Development costs incurred amounted to $5.1 million. This land lease was sold by the Company during 2021. 2020 TotalIn Service Property# of DevelopmentDatePropertyLocationTypeApartment Units Costs Incurred03/01/20Emery at Overlook RidgeMalden, MAMultifamily326 $ 103,993Totals 326 $ 103,993 Consolidations On March 12, 2020, the Company, acquired its equity partner's 80 percent interest in Port Imperial North Retail L.L.C., a ground floor retail space totaling 30,745 square feet located at Port Imperial, West New York, New Jersey for $13.3 million in cash (funded through borrowing under the Company’s unsecured credit facility.) The results of the transaction increased the Company’s interest to 100 percent. Upon the acquisition, the Company consolidated the joint venture, a voting interest entity. As an acquisition of the remaining interests in the venture which owns the Port Imperial North Retail L.L.C., the Company accounted for the transaction as an asset acquisition under a cost accumulation model, and as such no gain on change of control of interest was recognized in consolidation, resulting in total consolidated net assets of $15.0 million, which were allocated as follows: Port Imperial North Retail L.L.C.Land and leasehold interests$ 4,305Buildings and improvements and other assets, net 8,912In-place lease values (a) 1,503Above/Below market lease value, net (a) 313 Net assets recorded upon consolidation$ 15,033 (a)In-place and below market lease values are being amortized over a weighted-average term of 7.5 years. Real Estate Held for Sale/Discontinued Operations/Dispositions 2021 On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jersey, (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in its Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion. As of December 31, 2021, the Company identified as held for sale two office properties totaling approximately 1.8 million square feet to be sold separately, which are located in Jersey City and Hoboken, New Jersey. The total estimated sales proceeds, net of expected selling costs but before the required aggregate paydown of $400 million of mortgages encumbering the properties and related costs, are expected to be approximately $575 million. The Company may need to pay significant prepayment costs of approximately $20 million to pay down these mortgage loans which will be expensed when incurred at the time of such paydown. In January 2022, the Company completed the disposition of one of the office properties held for sale at December 31, 2021 for gross sales proceeds of $210 million and the paydown of the $150 million mortgage encumbering the property. Additionally, the Company also identified several developable land parcels as held for sale as of December 31, 2021. As a result of recent sales contracts in place and after considering the current market conditions due to the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of several land parcels held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the year ended December 31, 2021, recognized land impairments of $10.2 million. The Company also recognized an unrealized gain of $3.7 million during the year ended December 31, 2021 (reversing cumulative held for sale loss allowances recognized) for a held for sale land parcel that was previously impaired when the Company entered into a contract to sell the land parcel. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands): Assets Held for Sale Land$ 159,968 Building & Other 618,216 Less: Accumulated depreciation (159,538) Real estate held for sale, net$ 618,646 Assets Other assets and liabilities Held for Sale Unbilled rents receivable, net (a)$ 30,526 Deferred charges, net (a) 16,056 Total intangibles, net (a) 31,155 Total deferred charges & other assets, net (b) 69,410 Mortgages & loans payable, net (a) (397,953) Total below market liability (a) (24,098) Accounts payable, accrued exp & other liability (c) (49,648) Unearned rents/deferred rental income (a) (5,831) (a)Expected to be removed with the completion of the sales.(b)Includes $19.2 million of right of use assets expected to be removed with the completion of the sales.(c)Includes $20.5 million of right of use liabilities expected to be removed with the completion of the sales. The Company disposed of the following rental properties during the year ended December 31, 2021 (dollars in thousands): Discontinued Operations: Realized Realized Gains Gains Rentable Net Net (Losses)/ (losses)/ Disposition # of Square Property Sales Carrying Unrealized Unrealized DateProperty/AddressLocationBldgs. Feet Type Proceeds Value Losses, net Losses, net 01/13/21100 Overlook CenterPrinceton, New Jersey1 149,600 Office$34,724(a)$26,488 $ - $ 8,236 03/25/21Metropark portfolio (b)Edison and Iselin, New Jersey4 926,656 Office 247,351 233,826 - 13,525 04/20/21Short Hills portfolio (c)Short Hills, New Jersey4 828,413 Office 248,664 245,800 - 2,864 06/11/21Red Bank portfolioRed Bank, New Jersey5 659,490 Office 80,730 78,364 - 2,366 06/30/21Retail land leasesHanover and Parsippany, New Jersey - - Land Lease 41,957 37,951 4,006 - 07/26/217 Giralda FarmsMadison, New Jersey1 236,674 Office 28,182 30,143 - (1,961) 10/20/214 Gatehall DriveParsippany, New Jersey1 248,480 Office 24,239 23,717 - 522 12/16/21Retail land lease Unit BHanover, New Jersey - - Land Lease 5,423 6,407 (984) - Totals 16 3,049,313 $711,270 $682,696 $ 3,022 $ 25,552 (a)As part of the consideration from the buyer, a related party, 678,302 Common Units were redeemed by the Company at a book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its revolving credit facility. See Note 17: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership.(b)Includes $10 million of seller financing provided to the buyers of the Metropark portfolio. See Note 5: Deferred charges, goodwill and other assets, net.(c)The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $22.6 million. These costs were expensed as loss from extinguishment of debt. The Company disposed of the following developable land holdings during the year ended December 31, 2021 (dollars in thousands): Realized Gains Net Net (losses)/Disposition Sales Carrying UnrealizedDateProperty AddressLocation Proceeds Value Losses, net05/24/21Horizon common areaHamilton, New Jersey $745 $634 $ 11112/22/21346/360 University AveNewark, New Jersey 4,266 2,262 2,004 Totals $5,011 $2,896 $2,115 2020 As of December 31, 2020, the Company had identified as held for sale 16 office properties (comprised of six identified disposal groups) in the Suburban Office Portfolio, totaling 3.0 million square feet (of which the Company had 15 properties totaling 2.8 million square feet under contract for sale for aggregate gross proceeds of $652.4 million). As a result of a signed contract to dispose of a portfolio of four of the properties in an identified disposal group of assets held for sale, the Company paid significant costs to defease the mortgage loan encumbering the properties, which was expensed when incurred at the time of such defeasance in 2021. See Note 10: Mortgages, loans payable and other obligations. As of December 31, 2020, the Company determined that a 350,000 square foot office property in the Suburban Office Portfolio, located in Holmdel, New Jersey no longer met the held for sale criteria. The property had originally been classified as held for sale as of December 31, 2019. The reclassified property has an aggregate book value of $19.8 million as of December 31, 2020, net of accumulated depreciation of $10.5 million (including catch-up depreciation). $2.8 million of previously recorded valuation allowance was reversed upon the reclassification of the asset from held for sale at December 31, 2020, and the corresponding property’s results and valuation allowance are also reclassified out of discontinued operations to continuing operations for all periods presented. See Note 7: Discontinued Operations. The Company also identified a retail pad leased to others and several developable land parcels as held for sale as of December 31, 2020. The properties were located in Parsippany, Madison, Short Hills, Edison and Red Bank, New Jersey. As a result of recent sales contract amendments and after considering the current market conditions due to the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of six of the remaining held for sale properties (comprised of three disposal groups), and several land parcels held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the year ended December 31, 2020, recognized an unrealized loss allowance of $15.7 million for the properties ($14 million of which are from discontinued operations), respectively, and also recorded land and other impairments of $9.5 million. As of December 31, 2020, the Company determined that two developable land parcels located in Parsippany, New Jersey were no longer being held for sale. The properties had originally been classified as held for sale as of December 31, 2019. The reclassified properties had an aggregate book value of $11.3 million. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands): Suburban Other Office Assets Portfolio (a) Held for Sale TotalLand $ 87,815 $ 76,396 $ 164,211Building & Other 737,669 42,202 779,871Less: Accumulated depreciation (161,040) (7,991) (169,031)Less: Cumulative unrealized losses on property held for sale (77,357) (40,731) (118,088)Real estate held for sale, net $ 587,087 $ 69,876 $ 656,963 Suburban Other Office Assets Other assets and liabilities Portfolio (a) Held for Sale TotalUnbilled rents receivable, net (b) $ 17,216 $ 2,102 $ 19,318Deferred charges, net (b) 15,320 661 15,981Total intangibles, net (b) 26,069 - 26,069Total deferred charges & other assets, net 42,513 665 43,178Mortgages & loans payable, net (b) (123,768) - (123,768)Total below market liability (b) (6,538) - (6,538)Accounts payable, accrued exp & other liability (16,972) (80) (17,052)Unearned rents/deferred rental income (b) (8,422) (217) (8,639) (a) Classified as discontinued operations at December 31, 2019 for all periods presented. See Note 7: Discontinued Operations.(b) Expected to be removed with the completion of the sales. The Company disposed of the following rental properties during the year ended December 31, 2020 (dollars in thousands): Discontinued Operations: Realized Realized Gains Gains Rentable Net Net (Losses)/ (losses)/ Disposition # of Square Property Sales Carrying Unrealized Unrealized DateProperty/AddressLocationBldgs. Feet/Units Type Proceeds Value Losses, net Losses, net 03/17/20One Bridge PlazaFort Lee, New Jersey1 200,000 Office$35,065 $17,743 $ - $17,322 07/22/203 Giralda Farms (a)Madison, New Jersey1 141,000 Office 7,510 9,534 - (2,024) 09/15/20Morris portfolio (b)Parsippany and Madison, New Jersey10 1,448,420 Office 155,116 175,772 - (20,656) 09/18/20325 Columbia TurnpikeFlorham Park, New Jersey1 168,144 Office 24,276 8,020 - 16,256 09/24/209 Campus Drive (c)Parsippany, New Jersey1 156,945 Office 20,678 22,162 - (1,484) 10/21/203&5 Vaughn DrivePrinceton, New Jersey1 98,500 Office 7,282 5,754 - 1,528 11/18/207 Campus Drive (d)Parsippany, New Jersey1 154,395 Office 12,278 11,804 - 474 12/03/20581 Main StreetWoodbridge, New Jersey1 200,000 Office 58,400 43,113 15,287 12/22/20500 College Road (e)Princeton, New Jersey1 158,235 Office 4,582 6,044 (1,462) 12/23/205/10 Dennis St and 100 Hiram SqNew Brunswick, New Jersey2 200 units Multifamily 45,567 38,404 7,163 - Sub-total 20 2,725,639 370,754 338,350 7,163 25,241 Unrealized losses on real estate held for sale (1,682) (14,040) Totals 20 2,725,639 $370,754 $338,350 5,481 $ 11,201 (a)The Company recorded valuation allowances of $2.0 million on the held for sale property during the year ended December 31, 2020 and of $16.7 million during the year ended December 31, 2019.(b)The Company recorded valuation allowances of $21.6 million on the held for sale properties during the year ended December 31, 2020 and of $32.5 million during the year ended December 31, 2019.(c)The Company recorded a valuation allowance of $3.5 million on this property during the year ended December 31, 2019.(d)The Company recorded valuation allowance of $6.0 million on the held for sale property during the year ended December 31, 2019.(e)The Company recorded valuation allowance of $1.9 million on the held for sale property during the year ended December 31, 2020. The Company disposed of the following developable land holdings during the year ended December 31, 2020 (dollars in thousands): Realized Gains Net Net (losses)/Disposition Sales Carrying UnrealizedDateProperty AddressLocation Proceeds Value Losses, net01/03/20230 & 250 Half Mile RoadMiddletown, New Jersey $7,018 $2,969 $ 4,04903/27/20Capital Office Park landGreenbelt, Maryland 8,974 8,210 76412/18/2014 & 16 Skyline DriveMount Pleasant, New York 2,925 1,951 974 Totals $18,917 $13,130 $5,787 Impairments on Properties and Land Held and Used 2021 The Company determined that, due to the shortening of its expected hold period for one office property and its land parcels, it was necessary to reduce the carrying value of these assets to their estimated fair values. Accordingly, the Company recorded an impairment charge of $6.0 million on the office asset, which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2021 and $14.3 million on the land parcels in land and other impairments on the consolidated statement of operations for the year ended December 31, 2021. Additionally, the Company determined that, due to the shortening of its expected hold period and as a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its two adjacent hotel properties and determined that it was necessary to reduce the carrying values of its two hotel assets located in Weehawken, New Jersey to their estimated fair values. Accordingly, the Company recorded an impairment charge of $7.4 million on these hotels at December 31, 2021, which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2021. 2020 The Company determined that, due to the shortening of its expected hold period and as a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its two adjacent hotel properties and determined that it was necessary to reduce the carrying values of its two hotel assets located in Weehawken, New Jersey to their estimated fair values. One of these hotels had closed its rooms from March 2020 to May 2021. Accordingly, the Company recorded an impairment charge of $36.6 million on these hotels at September 30, 2020, which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2020. The Company also evaluated the recoverability of the carrying values of its land parcels and determined that it was necessary to reduce the carrying values of three held-and-used land parcels to their estimated fair values and recorded land and other impairment charges of $7.3 million for the year ended December 31, 2020. Unconsolidated Joint Venture Activity 2021 On April 29, 2021, the Company sold its interest in the 12 Vreeland Road joint venture for a gross sales price of approximately $2 million, with no gain or loss on the transaction. On September 1, 2021, the Company sold its interest in the Offices at Crystal Lake joint venture to its venture partner for $1.9 million and recorded a loss on the sale of approximately $1.9 million in the year ended December 31, 2021. 2020 On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property located in Arlington, Virginia sold its sole apartment property for an aggregate sales price of $376.6 million. The Company received $62.7 million for its share of net sale proceeds from the joint venture and realized its share of the gain on the property sale from the unconsolidated joint venture of $35.1 million. On December 17, 2020, the Company sold its interest in the Hillsborough 206 Holdings joint venture which owns developable land located in Hillsborough, New Jersey for a sale price of $2.1 million, and realized a gain on sale from unconsolidated joint ventures of $0.1 million. |
VERIS RESIDENTIAL, L.P. [Member] | |
Recent Transactions [Line Items] | |
Recent Transactions | 3. RECENT TRANSACTIONS Properties Commencing Initial Operations The following properties commenced initial operations during the years ended December 31, 2021 and 2020 (dollars in thousands): 2021 TotalIn Service Property# of DevelopmentDatePropertyLocationTypeApartment Units Costs Incurred03/01/21The Upton (a)Short Hills, NJMultifamily193 $ 101,26907/01/21Riverhouse 9 at Port Imperial (b)Weehawken, NJMultifamily313 164,633Totals 506 $ 265,902 (a)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.9 million in land costs.(b)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.7 million in land costs. Additionally, a land lease located in Parsippany, New Jersey also commenced initial operations during the first quarter 2021. Development costs incurred amounted to $5.1 million. This land lease was sold by the Company during 2021. 2020 TotalIn Service Property# of DevelopmentDatePropertyLocationTypeApartment Units Costs Incurred03/01/20Emery at Overlook RidgeMalden, MAMultifamily326 $ 103,993Totals 326 $ 103,993 Consolidations On March 12, 2020, the Company, acquired its equity partner's 80 percent interest in Port Imperial North Retail L.L.C., a ground floor retail space totaling 30,745 square feet located at Port Imperial, West New York, New Jersey for $13.3 million in cash (funded through borrowing under the Company’s unsecured credit facility.) The results of the transaction increased the Company’s interest to 100 percent. Upon the acquisition, the Company consolidated the joint venture, a voting interest entity. As an acquisition of the remaining interests in the venture which owns the Port Imperial North Retail L.L.C., the Company accounted for the transaction as an asset acquisition under a cost accumulation model, and as such no gain on change of control of interest was recognized in consolidation, resulting in total consolidated net assets of $15.0 million, which were allocated as follows: Port Imperial North Retail L.L.C.Land and leasehold interests$ 4,305Buildings and improvements and other assets, net 8,912In-place lease values (a) 1,503Above/Below market lease value, net (a) 313 Net assets recorded upon consolidation$ 15,033 (a)In-place and below market lease values are being amortized over a weighted-average term of 7.5 years. Real Estate Held for Sale/Discontinued Operations/Dispositions 2021 On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jersey, (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in its Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion. As of December 31, 2021, the Company identified as held for sale two office properties totaling approximately 1.8 million square feet to be sold separately, which are located in Jersey City and Hoboken, New Jersey. The total estimated sales proceeds, net of expected selling costs but before the required aggregate paydown of $400 million of mortgages encumbering the properties and related costs, are expected to be approximately $575 million. The Company may need to pay significant prepayment costs of approximately $20 million to pay down these mortgage loans which will be expensed when incurred at the time of such paydown. In January 2022, the Company completed the disposition of one of the office properties held for sale at December 31, 2021 for gross sales proceeds of $210 million and the paydown of the $150 million mortgage encumbering the property. Additionally, the Company also identified several developable land parcels as held for sale as of December 31, 2021. As a result of recent sales contracts in place and after considering the current market conditions due to the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of several land parcels held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the year ended December 31, 2021, recognized land impairments of $10.2 million. The Company also recognized an unrealized gain of $3.7 million during the year ended December 31, 2021 (reversing cumulative held for sale loss allowances recognized) for a held for sale land parcel that was previously impaired when the Company entered into a contract to sell the land parcel. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands): Assets Held for Sale Land$ 159,968 Building & Other 618,216 Less: Accumulated depreciation (159,538) Real estate held for sale, net$ 618,646 Assets Other assets and liabilities Held for Sale Unbilled rents receivable, net (a)$ 30,526 Deferred charges, net (a) 16,056 Total intangibles, net (a) 31,155 Total deferred charges & other assets, net (b) 69,410 Mortgages & loans payable, net (a) (397,953) Total below market liability (a) (24,098) Accounts payable, accrued exp & other liability (c) (49,648) Unearned rents/deferred rental income (a) (5,831) (a)Expected to be removed with the completion of the sales.(b)Includes $19.2 million of right of use assets expected to be removed with the completion of the sales.(c)Includes $20.5 million of right of use liabilities expected to be removed with the completion of the sales. The Company disposed of the following rental properties during the year ended December 31, 2021 (dollars in thousands): Discontinued Operations: Realized Realized Gains Gains Rentable Net Net (Losses)/ (losses)/ Disposition # of Square Property Sales Carrying Unrealized Unrealized DateProperty/AddressLocationBldgs. Feet Type Proceeds Value Losses, net Losses, net 01/13/21100 Overlook CenterPrinceton, New Jersey1 149,600 Office$34,724(a)$26,488 $ - $ 8,236 03/25/21Metropark portfolio (b)Edison and Iselin, New Jersey4 926,656 Office 247,351 233,826 - 13,525 04/20/21Short Hills portfolio (c)Short Hills, New Jersey4 828,413 Office 248,664 245,800 - 2,864 06/11/21Red Bank portfolioRed Bank, New Jersey5 659,490 Office 80,730 78,364 - 2,366 06/30/21Retail land leasesHanover and Parsippany, New Jersey - - Land Lease 41,957 37,951 4,006 - 07/26/217 Giralda FarmsMadison, New Jersey1 236,674 Office 28,182 30,143 - (1,961) 10/20/214 Gatehall DriveParsippany, New Jersey1 248,480 Office 24,239 23,717 - 522 12/16/21Retail land lease Unit BHanover, New Jersey - - Land Lease 5,423 6,407 (984) - Totals 16 3,049,313 $711,270 $682,696 $ 3,022 $ 25,552 (a)As part of the consideration from the buyer, a related party, 678,302 Common Units were redeemed by the Company at a book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its revolving credit facility. See Note 17: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership.(b)Includes $10 million of seller financing provided to the buyers of the Metropark portfolio. See Note 5: Deferred charges, goodwill and other assets, net.(c)The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $22.6 million. These costs were expensed as loss from extinguishment of debt. The Company disposed of the following developable land holdings during the year ended December 31, 2021 (dollars in thousands): Realized Gains Net Net (losses)/Disposition Sales Carrying UnrealizedDateProperty AddressLocation Proceeds Value Losses, net05/24/21Horizon common areaHamilton, New Jersey $745 $634 $ 11112/22/21346/360 University AveNewark, New Jersey 4,266 2,262 2,004 Totals $5,011 $2,896 $2,115 2020 As of December 31, 2020, the Company had identified as held for sale 16 office properties (comprised of six identified disposal groups) in the Suburban Office Portfolio, totaling 3.0 million square feet (of which the Company had 15 properties totaling 2.8 million square feet under contract for sale for aggregate gross proceeds of $652.4 million). As a result of a signed contract to dispose of a portfolio of four of the properties in an identified disposal group of assets held for sale, the Company paid significant costs to defease the mortgage loan encumbering the properties, which was expensed when incurred at the time of such defeasance in 2021. See Note 10: Mortgages, loans payable and other obligations. As of December 31, 2020, the Company determined that a 350,000 square foot office property in the Suburban Office Portfolio, located in Holmdel, New Jersey no longer met the held for sale criteria. The property had originally been classified as held for sale as of December 31, 2019. The reclassified property has an aggregate book value of $19.8 million as of December 31, 2020, net of accumulated depreciation of $10.5 million (including catch-up depreciation). $2.8 million of previously recorded valuation allowance was reversed upon the reclassification of the asset from held for sale at December 31, 2020, and the corresponding property’s results and valuation allowance are also reclassified out of discontinued operations to continuing operations for all periods presented. See Note 7: Discontinued Operations. The Company also identified a retail pad leased to others and several developable land parcels as held for sale as of December 31, 2020. The properties were located in Parsippany, Madison, Short Hills, Edison and Red Bank, New Jersey. As a result of recent sales contract amendments and after considering the current market conditions due to the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of six of the remaining held for sale properties (comprised of three disposal groups), and several land parcels held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the year ended December 31, 2020, recognized an unrealized loss allowance of $15.7 million for the properties ($14 million of which are from discontinued operations), respectively, and also recorded land and other impairments of $9.5 million. As of December 31, 2020, the Company determined that two developable land parcels located in Parsippany, New Jersey were no longer being held for sale. The properties had originally been classified as held for sale as of December 31, 2019. The reclassified properties had an aggregate book value of $11.3 million. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands): Suburban Other Office Assets Portfolio (a) Held for Sale TotalLand $ 87,815 $ 76,396 $ 164,211Building & Other 737,669 42,202 779,871Less: Accumulated depreciation (161,040) (7,991) (169,031)Less: Cumulative unrealized losses on property held for sale (77,357) (40,731) (118,088)Real estate held for sale, net $ 587,087 $ 69,876 $ 656,963 Suburban Other Office Assets Other assets and liabilities Portfolio (a) Held for Sale TotalUnbilled rents receivable, net (b) $ 17,216 $ 2,102 $ 19,318Deferred charges, net (b) 15,320 661 15,981Total intangibles, net (b) 26,069 - 26,069Total deferred charges & other assets, net 42,513 665 43,178Mortgages & loans payable, net (b) (123,768) - (123,768)Total below market liability (b) (6,538) - (6,538)Accounts payable, accrued exp & other liability (16,972) (80) (17,052)Unearned rents/deferred rental income (b) (8,422) (217) (8,639) (a) Classified as discontinued operations at December 31, 2019 for all periods presented. See Note 7: Discontinued Operations.(b) Expected to be removed with the completion of the sales. The Company disposed of the following rental properties during the year ended December 31, 2020 (dollars in thousands): Discontinued Operations: Realized Realized Gains Gains Rentable Net Net (Losses)/ (losses)/ Disposition # of Square Property Sales Carrying Unrealized Unrealized DateProperty/AddressLocationBldgs. Feet/Units Type Proceeds Value Losses, net Losses, net 03/17/20One Bridge PlazaFort Lee, New Jersey1 200,000 Office$35,065 $17,743 $ - $17,322 07/22/203 Giralda Farms (a)Madison, New Jersey1 141,000 Office 7,510 9,534 - (2,024) 09/15/20Morris portfolio (b)Parsippany and Madison, New Jersey10 1,448,420 Office 155,116 175,772 - (20,656) 09/18/20325 Columbia TurnpikeFlorham Park, New Jersey1 168,144 Office 24,276 8,020 - 16,256 09/24/209 Campus Drive (c)Parsippany, New Jersey1 156,945 Office 20,678 22,162 - (1,484) 10/21/203&5 Vaughn DrivePrinceton, New Jersey1 98,500 Office 7,282 5,754 - 1,528 11/18/207 Campus Drive (d)Parsippany, New Jersey1 154,395 Office 12,278 11,804 - 474 12/03/20581 Main StreetWoodbridge, New Jersey1 200,000 Office 58,400 43,113 15,287 12/22/20500 College Road (e)Princeton, New Jersey1 158,235 Office 4,582 6,044 (1,462) 12/23/205/10 Dennis St and 100 Hiram SqNew Brunswick, New Jersey2 200 units Multifamily 45,567 38,404 7,163 - Sub-total 20 2,725,639 370,754 338,350 7,163 25,241 Unrealized losses on real estate held for sale (1,682) (14,040) Totals 20 2,725,639 $370,754 $338,350 5,481 $ 11,201 (a)The Company recorded valuation allowances of $2.0 million on the held for sale property during the year ended December 31, 2020 and of $16.7 million during the year ended December 31, 2019.(b)The Company recorded valuation allowances of $21.6 million on the held for sale properties during the year ended December 31, 2020 and of $32.5 million during the year ended December 31, 2019.(c)The Company recorded a valuation allowance of $3.5 million on this property during the year ended December 31, 2019.(d)The Company recorded valuation allowance of $6.0 million on the held for sale property during the year ended December 31, 2019.(e)The Company recorded valuation allowance of $1.9 million on the held for sale property during the year ended December 31, 2020. The Company disposed of the following developable land holdings during the year ended December 31, 2020 (dollars in thousands): Realized Gains Net Net (losses)/Disposition Sales Carrying UnrealizedDateProperty AddressLocation Proceeds Value Losses, net01/03/20230 & 250 Half Mile RoadMiddletown, New Jersey $7,018 $2,969 $ 4,04903/27/20Capital Office Park landGreenbelt, Maryland 8,974 8,210 76412/18/2014 & 16 Skyline DriveMount Pleasant, New York 2,925 1,951 974 Totals $18,917 $13,130 $5,787 Impairments on Properties and Land Held and Used 2021 The Company determined that, due to the shortening of its expected hold period for one office property and its land parcels, it was necessary to reduce the carrying value of these assets to their estimated fair values. Accordingly, the Company recorded an impairment charge of $6.0 million on the office asset, which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2021 and $14.3 million on the land parcels in land and other impairments on the consolidated statement of operations for the year ended December 31, 2021. Additionally, the Company determined that, due to the shortening of its expected hold period and as a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its two adjacent hotel properties and determined that it was necessary to reduce the carrying values of its two hotel assets located in Weehawken, New Jersey to their estimated fair values. Accordingly, the Company recorded an impairment charge of $7.4 million on these hotels at December 31, 2021, which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2021. 2020 The Company determined that, due to the shortening of its expected hold period and as a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its two adjacent hotel properties and determined that it was necessary to reduce the carrying values of its two hotel assets located in Weehawken, New Jersey to their estimated fair values. One of these hotels had closed its rooms from March 2020 to May 2021. Accordingly, the Company recorded an impairment charge of $36.6 million on these hotels at September 30, 2020, which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2020. The Company also evaluated the recoverability of the carrying values of its land parcels and determined that it was necessary to reduce the carrying values of three held-and-used land parcels to their estimated fair values and recorded land and other impairment charges of $7.3 million for the year ended December 31, 2020. Unconsolidated Joint Venture Activity 2021 On April 29, 2021, the Company sold its interest in the 12 Vreeland Road joint venture for a gross sales price of approximately $2 million, with no gain or loss on the transaction. On September 1, 2021, the Company sold its interest in the Offices at Crystal Lake joint venture to its venture partner for $1.9 million and recorded a loss on the sale of approximately $1.9 million in the year ended December 31, 2021. 2020 On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property located in Arlington, Virginia sold its sole apartment property for an aggregate sales price of $376.6 million. The Company received $62.7 million for its share of net sale proceeds from the joint venture and realized its share of the gain on the property sale from the unconsolidated joint venture of $35.1 million. On December 17, 2020, the Company sold its interest in the Hillsborough 206 Holdings joint venture which owns developable land located in Hillsborough, New Jersey for a sale price of $2.1 million, and realized a gain on sale from unconsolidated joint ventures of $0.1 million. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2021 | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2021, the Company had an aggregate investment of approximately $137.8 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage properties, or to acquire land in anticipation of possible development of rental properties. As of December 31, 2021, the unconsolidated joint ventures owned: seven multifamily properties totaling 2,146 apartment units, a retail property aggregating approximately 51,000 square feet, a 351-room hotel, and interests and/or rights to developable land parcels able to accommodate up to 1,621 apartment units. The Company’s unconsolidated interests range from 20 percent to 85 percent subject to specified priority allocations in certain of the joint ventures. The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Unless otherwise noted below, the debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of December 31, 2021, the outstanding balance of such debt, subject to guarantees, totaled $191.2 million of which $22 million was guaranteed by the Company. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures, related parties to the Company, and recognized $3.4 million, $4.9 million and $5.3 million for such services in the years ended December 31, 2021, 2020 and 2019, respectively. The Company had $0.2 million and $0.3 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2021 and 2020. Included in the Company’s investments in unconsolidated joint ventures are three VIEs for which the Company is not the primary beneficiary. These joint ventures were primarily established to develop real estate property for long-term investment and were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entities to finance their activities without additional financial support. As of December 31, 2021, the Company has determined that these unconsolidated joint ventures are no longer VIEs since these ventures have completed their development projects and are now in operation with leased percentages ranging from 89.8% to 99.2%. The following is a summary of the Company's unconsolidated joint ventures as of December 31, 2021 and 2020 (dollars in thousands): Property Debt Number of Company's Carrying Value As of December 31, 2021 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Nameor Rentable SF Ownership % (a) 2021 2020 Balance Date Rate Multifamily Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,547 $ 3,347 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,077 6,667 82,000 11/10/26 3.21% PI North - Riverwalk C (e) 360 units 40.00 % 27,401 36,992 135,000 12/22/24 SOFR+1.2% Riverpark at Harrison 141 units 45.00 % - 681 30,192 07/01/35 3.19% Station House 378 units 50.00 % 33,004 34,026 93,329 07/01/33 4.82% Urby at Harborside (f) 762 units 85.00 % 66,418 72,752 191,160 08/01/29 5.197% PI North - Land (b) (g) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing (h) 850 potential units 50.00 % 300 337 - - - Office 12 Vreeland Road (i) 139,750 sf 50.00 % - 1,811 - - - Offices at Crystal Lake (j) 106,345 sf 31.25 % - 3,744 - - - Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668% Other (k) 347 347 - - - Totals: $ 137,772 $ 162,382 $ 692,448 (a)Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.(b)The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term.(c)Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multifamily rental property ("Lofts at 40 Park").(d)Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $36,500, bears interest at LIBOR +2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,067, bears interest at LIBOR +1.50 percent and matures in October 2022; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $18,200, which bears interest at LIBOR +1.50 percent and matures in January 2023.(e)On December 22, 2021, the venture paid off $108.3 million construction loan and simultaneously obtained a new $135 million mortgage loan, collateralized by the property and received its share of net loan proceeds of $9.2 million. The property commenced operations in second quarter 2021.(f)The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company has guaranteed $22 million of the principal outstanding debt.(g)The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (h)Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing. (i)On April 29, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $2 million.(j)On September 1, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $1.9 million.(k)The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands): Year Ended December 31, Entity / Property Name 2021 2020 2019 Multifamily Metropolitan and Lofts at 40 Park $ (801) $ (1,010) $ (422) RiverTrace at Port Imperial 92 111 317 Crystal House (a) - (924) (687) PI North - Riverwalk C (b) (506) (368) (279) Riverpark at Harrison (c) (1,153) (273) (172) Station House (1,647) (1,650) (2,000) Urby at Harborside (580) 1,095 1,587 PI North - Land (250) - - Liberty Landing (d) (40) (5) - Office - 12 Vreeland Road (e) 2 (2,035) (3,172) Offices at Crystal Lake (f) (113) 224 79 Other Riverwalk Retail (g) - (10) (72) Hyatt Regency Hotel Jersey City - 625 3,388 Other 745 388 114 Company's equity in earnings (loss) of unconsolidated joint ventures (h)$ (4,251) $ (3,832) $ (1,319) (a)On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property sold its sole apartment property. The Company realized its share of the gain on the property sale from the unconsolidated joint venture of $35.1 million.(b)The property commenced operations in second quarter 2021.(c)In September 2021, the joint venture agreed to settle certain obligations regarding a previously owned development project, of which the Company’s share of the expense for such settlement was $0.9 million, which was recorded in equity in earnings for this venture in the year ended December 31, 2021.(d)Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing.(e)On April 29, 2021, the Company sold its interest in the joint venture and realized no gain or loss on the sale.(f)On September 1, 2021, the Company sold its interest in this unconsolidated joint venture to its venture partner for $1.9 million, and realized a loss on the sale of approximately $1.9 million.(g)On March 12, 2020, the Company acquired the remaining 80 percent interest from its equity partner and consolidated the asset. (h)Amounts are net of amortization of basis differences of $138 and $143 for the year ended December 31, 2021 and 2020, respectively. |
VERIS RESIDENTIAL, L.P. [Member] | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2021, the Company had an aggregate investment of approximately $137.8 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage properties, or to acquire land in anticipation of possible development of rental properties. As of December 31, 2021, the unconsolidated joint ventures owned: seven multifamily properties totaling 2,146 apartment units, a retail property aggregating approximately 51,000 square feet, a 351-room hotel, and interests and/or rights to developable land parcels able to accommodate up to 1,621 apartment units. The Company’s unconsolidated interests range from 20 percent to 85 percent subject to specified priority allocations in certain of the joint ventures. The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Unless otherwise noted below, the debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of December 31, 2021, the outstanding balance of such debt, subject to guarantees, totaled $191.2 million of which $22 million was guaranteed by the Company. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures, related parties to the Company, and recognized $3.4 million, $4.9 million and $5.3 million for such services in the years ended December 31, 2021, 2020 and 2019, respectively. The Company had $0.2 million and $0.3 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2021 and 2020. Included in the Company’s investments in unconsolidated joint ventures are three VIEs for which the Company is not the primary beneficiary. These joint ventures were primarily established to develop real estate property for long-term investment and were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entities to finance their activities without additional financial support. As of December 31, 2021, the Company has determined that these unconsolidated joint ventures are no longer VIEs since these ventures have completed their development projects and are now in operation with leased percentages ranging from 89.8% to 99.2%. The following is a summary of the Company's unconsolidated joint ventures as of December 31, 2021 and 2020 (dollars in thousands): Property Debt Number of Company's Carrying Value As of December 31, 2021 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Nameor Rentable SF Ownership % (a) 2021 2020 Balance Date Rate Multifamily Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,547 $ 3,347 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,077 6,667 82,000 11/10/26 3.21% PI North - Riverwalk C (e) 360 units 40.00 % 27,401 36,992 135,000 12/22/24 SOFR+1.2% Riverpark at Harrison 141 units 45.00 % - 681 30,192 07/01/35 3.19% Station House 378 units 50.00 % 33,004 34,026 93,329 07/01/33 4.82% Urby at Harborside (f) 762 units 85.00 % 66,418 72,752 191,160 08/01/29 5.197% PI North - Land (b) (g) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing (h) 850 potential units 50.00 % 300 337 - - - Office 12 Vreeland Road (i) 139,750 sf 50.00 % - 1,811 - - - Offices at Crystal Lake (j) 106,345 sf 31.25 % - 3,744 - - - Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668% Other (k) 347 347 - - - Totals: $ 137,772 $ 162,382 $ 692,448 (a)Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.(b)The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term.(c)Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multifamily rental property ("Lofts at 40 Park").(d)Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $36,500, bears interest at LIBOR +2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,067, bears interest at LIBOR +1.50 percent and matures in October 2022; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $18,200, which bears interest at LIBOR +1.50 percent and matures in January 2023.(e)On December 22, 2021, the venture paid off $108.3 million construction loan and simultaneously obtained a new $135 million mortgage loan, collateralized by the property and received its share of net loan proceeds of $9.2 million. The property commenced operations in second quarter 2021.(f)The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company has guaranteed $22 million of the principal outstanding debt.(g)The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (h)Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing. (i)On April 29, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $2 million.(j)On September 1, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $1.9 million.(k)The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands): Year Ended December 31, Entity / Property Name 2021 2020 2019 Multifamily Metropolitan and Lofts at 40 Park $ (801) $ (1,010) $ (422) RiverTrace at Port Imperial 92 111 317 Crystal House (a) - (924) (687) PI North - Riverwalk C (b) (506) (368) (279) Riverpark at Harrison (c) (1,153) (273) (172) Station House (1,647) (1,650) (2,000) Urby at Harborside (580) 1,095 1,587 PI North - Land (250) - - Liberty Landing (d) (40) (5) - Office - 12 Vreeland Road (e) 2 (2,035) (3,172) Offices at Crystal Lake (f) (113) 224 79 Other Riverwalk Retail (g) - (10) (72) Hyatt Regency Hotel Jersey City - 625 3,388 Other 745 388 114 Company's equity in earnings (loss) of unconsolidated joint ventures (h)$ (4,251) $ (3,832) $ (1,319) (a)On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property sold its sole apartment property. The Company realized its share of the gain on the property sale from the unconsolidated joint venture of $35.1 million.(b)The property commenced operations in second quarter 2021.(c)In September 2021, the joint venture agreed to settle certain obligations regarding a previously owned development project, of which the Company’s share of the expense for such settlement was $0.9 million, which was recorded in equity in earnings for this venture in the year ended December 31, 2021.(d)Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing.(e)On April 29, 2021, the Company sold its interest in the joint venture and realized no gain or loss on the sale.(f)On September 1, 2021, the Company sold its interest in this unconsolidated joint venture to its venture partner for $1.9 million, and realized a loss on the sale of approximately $1.9 million.(g)On March 12, 2020, the Company acquired the remaining 80 percent interest from its equity partner and consolidated the asset. (h)Amounts are net of amortization of basis differences of $138 and $143 for the year ended December 31, 2021 and 2020, respectively. |
Deferred Charges, Goodwill And
Deferred Charges, Goodwill And Other Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS, NET December 31, December 31,(dollars in thousands) 2021 2020Deferred leasing costs$ 88,265 $ 112,421Deferred financing costs - revolving credit facility (a) 6,684 5,559 94,949 117,980Accumulated amortization (40,956) (52,428)Deferred charges, net 53,993 65,552Notes receivable (b) 4,015 1,167In-place lease values, related intangibles and other assets, net (c)(d) 42,183 71,608Goodwill (e) - 2,945Right of use assets (f) 22,298 22,298Prepaid expenses and other assets, net 28,858 35,971 Total deferred charges, goodwill and other assets, net (g)$ 151,347 $ 199,541 (a)Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs.(b)Includes as of December 31, 2021 and 2020, respectively, an interest-free note receivable with a net present value of $0.7 million and $1.2 million, which matures in April 2023. The Company believes this balance is fully collectible. Also includes $3.1 million, net of a loan loss allowance of $0.2 million, as of December 31, 2021, of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement. The Company recorded a loan loss allowance charge of $0.2 million at December 31, 2021 based on expected losses, by calculating the net present value of the contractual cash flows of the total receivable (See Note 12: Disclosure of fair value of assets and liabilities). Such charge was recorded in Interest and other investment income (loss) for the year ended December 31, 2021. See Note 3: Transactions – Real Estate Held for Sale/Discontinued Operations/Dispositions.(c)In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $2.7 million, $3.7 million and $4.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes, as of December 31, 2021, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands): Acquired Above- Acquired Below- Market Lease Market Lease TotalYear Intangibles Intangibles Amortization2022$ (358) $ 2,209 $ 1,8512023 (352) 2,205 1,8532024 (308) 2,197 1,8892025 (293) 2,151 1,8582026 (275) 2,247 1,972 (d)The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $2.1 million, $9.1 million and $34.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes, as of December 31, 2021, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands): Year 2022 $ 2,2442023 2,2242024 2,1452025 2,0012026 1,994Total $ 10,608 (e)All goodwill was attributable to the Company’s Multifamily Real Estate and Services segment and was fully impaired as of December 31, 2021.(f)This amount has a corresponding liability of $23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details.(g)The amount as of December 31, 2021 and 2020, includes $0.5 million and $42.5 million, respectively, for properties classified as held for sale. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates an additional $35 thousand will be reclassified as an increase to interest expense. As of December 31, 2021, the Company had one interest rate cap outstanding with a notional amount of $75 million designated as a cash flow hedge of interest rate risk. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2021 and 2020 (dollars in thousands): Fair Value Asset Derivatives designated December 31, December 31, as hedging instruments 2021 2020 Balance sheet location Interest rate caps $ 850 $ - Deferred charges, goodwill and other assets The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ending December 31, 2021, 2020 and 2019 (dollars in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into IncomeLocation of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring Total Amount of Interest Expense presented in the consolidated statements of operationsYear Ended December 31,2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Interest Rate Caps$ 10 $ - $ - Interest expense $ - $ - $ - $ - $ - $ - $ (65,192) $ (80,991) $ (90,569) Interest rate swaps$ - $ - $ (4,682) Interest expense $ - $ 16 $ 3,551Interest and other investment income (loss) $ - $ - $ 1,926 $ (65,192) $ (80,991) $ (90,569) Credit-risk-related Contingent Features As of December 31, 2021, the Company did not have any interest rate derivatives in a net liability position. If the Company had breached any of these provisions at December 31, 2021, it could have been required to settle its obligations under the agreements at their termination value which includes accrued interest but excludes any adjustment for nonperformance risk. |
VERIS RESIDENTIAL, L.P. [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS, NET December 31, December 31,(dollars in thousands) 2021 2020Deferred leasing costs$ 88,265 $ 112,421Deferred financing costs - revolving credit facility (a) 6,684 5,559 94,949 117,980Accumulated amortization (40,956) (52,428)Deferred charges, net 53,993 65,552Notes receivable (b) 4,015 1,167In-place lease values, related intangibles and other assets, net (c)(d) 42,183 71,608Goodwill (e) - 2,945Right of use assets (f) 22,298 22,298Prepaid expenses and other assets, net 28,858 35,971 Total deferred charges, goodwill and other assets, net (g)$ 151,347 $ 199,541 (a)Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs.(b)Includes as of December 31, 2021 and 2020, respectively, an interest-free note receivable with a net present value of $0.7 million and $1.2 million, which matures in April 2023. The Company believes this balance is fully collectible. Also includes $3.1 million, net of a loan loss allowance of $0.2 million, as of December 31, 2021, of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement. The Company recorded a loan loss allowance charge of $0.2 million at December 31, 2021 based on expected losses, by calculating the net present value of the contractual cash flows of the total receivable (See Note 12: Disclosure of fair value of assets and liabilities). Such charge was recorded in Interest and other investment income (loss) for the year ended December 31, 2021. See Note 3: Transactions – Real Estate Held for Sale/Discontinued Operations/Dispositions.(c)In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $2.7 million, $3.7 million and $4.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes, as of December 31, 2021, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands): Acquired Above- Acquired Below- Market Lease Market Lease TotalYear Intangibles Intangibles Amortization2022$ (358) $ 2,209 $ 1,8512023 (352) 2,205 1,8532024 (308) 2,197 1,8892025 (293) 2,151 1,8582026 (275) 2,247 1,972 (d)The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $2.1 million, $9.1 million and $34.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes, as of December 31, 2021, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands): Year 2022 $ 2,2442023 2,2242024 2,1452025 2,0012026 1,994Total $ 10,608 (e)All goodwill was attributable to the Company’s Multifamily Real Estate and Services segment and was fully impaired as of December 31, 2021.(f)This amount has a corresponding liability of $23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details.(g)The amount as of December 31, 2021 and 2020, includes $0.5 million and $42.5 million, respectively, for properties classified as held for sale. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates an additional $35 thousand will be reclassified as an increase to interest expense. As of December 31, 2021, the Company had one interest rate cap outstanding with a notional amount of $75 million designated as a cash flow hedge of interest rate risk. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2021 and 2020 (dollars in thousands): Fair Value Asset Derivatives designated December 31, December 31, as hedging instruments 2021 2020 Balance sheet location Interest rate caps $ 850 $ - Deferred charges, goodwill and other assets The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ending December 31, 2021, 2020 and 2019 (dollars in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into IncomeLocation of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring Total Amount of Interest Expense presented in the consolidated statements of operationsYear Ended December 31,2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Interest Rate Caps$ 10 $ - $ - Interest expense $ - $ - $ - $ - $ - $ - $ (65,192) $ (80,991) $ (90,569) Interest rate swaps$ - $ - $ (4,682) Interest expense $ - $ 16 $ 3,551Interest and other investment income (loss) $ - $ - $ 1,926 $ (65,192) $ (80,991) $ (90,569) Credit-risk-related Contingent Features As of December 31, 2021, the Company did not have any interest rate derivatives in a net liability position. If the Company had breached any of these provisions at December 31, 2021, it could have been required to settle its obligations under the agreements at their termination value which includes accrued interest but excludes any adjustment for nonperformance risk. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Cash [Line Items] | |
Restricted Cash | 6. RESTRICTED CASH Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements, and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands): December 31, December 31, 2021 2020Security deposits$ 6,884 $ 5,289Escrow and other reserve funds 12,817 8,918 Total restricted cash$ 19,701 $ 14,207 |
VERIS RESIDENTIAL, L.P. [Member] | |
Restricted Cash [Line Items] | |
Restricted Cash | 6. RESTRICTED CASH Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements, and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands): December 31, December 31, 2021 2020Security deposits$ 6,884 $ 5,289Escrow and other reserve funds 12,817 8,918 Total restricted cash$ 19,701 $ 14,207 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations | 7. DISCONTINUED OPERATIONS On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire Suburban Office Portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jersey. As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in its Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion. The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands): Year Ended December 31, 2021 2020 2019Total revenues$ 28,614 $ 134,915 $ 169,672Operating and other expenses (12,140) (54,153) (69,077)Depreciation and amortization (974) (4,806) (71,021)Interest expense (1,570) (5,256) (5,240) Income from discontinued operations 13,930 70,700 24,334 Unrealized gains (losses) on disposition of rental property (a) 569 (14,040) (141,266)Realized gains (losses) on disposition of rental property (b) 24,983 25,241 7,916Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 25,552 11,201 (133,350) Total discontinued operations, net$ 39,482 $ 81,901 $ (109,016) (a)Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2020.(b)See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses). |
VERIS RESIDENTIAL, L.P. [Member] | |
Discontinued Operations | 7. DISCONTINUED OPERATIONS On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire Suburban Office Portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jersey. As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in its Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion. The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands): Year Ended December 31, 2021 2020 2019Total revenues$ 28,614 $ 134,915 $ 169,672Operating and other expenses (12,140) (54,153) (69,077)Depreciation and amortization (974) (4,806) (71,021)Interest expense (1,570) (5,256) (5,240) Income from discontinued operations 13,930 70,700 24,334 Unrealized gains (losses) on disposition of rental property (a) 569 (14,040) (141,266)Realized gains (losses) on disposition of rental property (b) 24,983 25,241 7,916Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 25,552 11,201 (133,350) Total discontinued operations, net$ 39,482 $ 81,901 $ (109,016) (a)Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2020.(b)See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses). |
Senior Unsecured Notes
Senior Unsecured Notes | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Line Items] | |
Senior Unsecured Notes | 8. SENIOR UNSECURED NOTES A summary of the Company’s senior unsecured notes as of December 31, 2021 and 2020 is as follows (dollars in thousands): December 31, December 31, Effective 2021 2020 Rate 4.500% Senior Unsecured Notes, due April 18, 2022 (1) $ - $ 300,000 -%3.150% Senior Unsecured Notes, due May 15, 2023 (1) - 275,000 -%Principal balance outstanding - 575,000 Adjustment for unamortized debt discount - (1,504) Unamortized deferred financing costs - (843) Total senior unsecured notes, net $ - $ 572,653 (1)On May 6, 2021, the Company retired these notes earlier than their maturity, using net sales proceeds from completed office property sales and borrowings under its 2021 credit facility and term loan. In conjunction with the notes being discharged, the Company incurred costs of $24.2 million (including a make-whole premium) which was expensed as loss from extinguishment of debt during the year ended December 31, 2021. See Note 9: Revolving Credit Facility and Term Loans. |
VERIS RESIDENTIAL, L.P. [Member] | |
Debt Disclosure [Line Items] | |
Senior Unsecured Notes | 8. SENIOR UNSECURED NOTES A summary of the Company’s senior unsecured notes as of December 31, 2021 and 2020 is as follows (dollars in thousands): December 31, December 31, Effective 2021 2020 Rate 4.500% Senior Unsecured Notes, due April 18, 2022 (1) $ - $ 300,000 -%3.150% Senior Unsecured Notes, due May 15, 2023 (1) - 275,000 -%Principal balance outstanding - 575,000 Adjustment for unamortized debt discount - (1,504) Unamortized deferred financing costs - (843) Total senior unsecured notes, net $ - $ 572,653 (1)On May 6, 2021, the Company retired these notes earlier than their maturity, using net sales proceeds from completed office property sales and borrowings under its 2021 credit facility and term loan. In conjunction with the notes being discharged, the Company incurred costs of $24.2 million (including a make-whole premium) which was expensed as loss from extinguishment of debt during the year ended December 31, 2021. See Note 9: Revolving Credit Facility and Term Loans. |
Revolving Credit Facility And T
Revolving Credit Facility And Term Loans | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Line Items] | |
Revolving Credit Facility And Term Loans | 9. REVOLVING CREDIT FACILITY AND TERM LOANS On May 6, 2021, the Company entered into a revolving credit and term loan agreement (“2021 Credit Agreement”) with a group of seven lenders that provides for a $250 million senior secured revolving credit facility (the “2021 Credit Facility") and a $150 million senior secured term loan facility (the “2021 Term Loan”), and delivered written notice to the administrative agent to terminate the 2017 credit agreement, which termination became effective on May 13, 2021. The terms of the 2021 Credit Facility included: (1) a three year term ending in May 2024; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $250 million (subject to increase as discussed below), with a sublimit under the 2021 Credit Facility for the issuance of letters of credit in an amount not to exceed $50 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties; and (4) a facility fee payable quarterly equal to 35 basis points if usage of the 2021 Credit Facility is less than or equal to 50%, and 25 basis points if usage of the 2021 Credit Facility is greater than 50%. The terms of the 2021 Term Loan included: (1) an eighteen month term ending in November 2022; (2) a single draw of the term loan commitments up to an aggregate principal amount of $150 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties. Interest on borrowings under the 2021 Credit Facility and 2021 Term Loan shall be based on applicable base rate (the “Base Rate”) plus a margin ranging from 125 basis points to 275 basis points depending on the Base Rate elected, currently 0.12%. The Base Rate shall be either (A) the highest of (i) the Wall Street Journal prime rate, (ii) the greater of the then effective (x) Federal Funds Effective Rate, or (y) Overnight Bank Funding Rate plus 50 basis points, and (iii) a LIBO Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities (the “Adjusted LIBO Rate”) and calculated for a one-month interest period, plus 100 basis points (such highest amount being the “ABR Rate”), or (B) the Adjusted LIBO Rate for the applicable interest period; provided, however, that the ABR Rate shall not be less than 1% and the Adjusted LIBO Rate shall not be less than zero. The 2021 Credit Agreement, which applies to both the 2021 Credit Facility and 2021 Term Loan, includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties, and which require compliance with financial ratios relating to the minimum collateral pool value ($800 million), maximum collateral pool leverage ratio (40 percent), minimum number of collateral pool properties (two), the maximum total leverage ratio (65 percent), the minimum debt service coverage ratio (1.10 times until May 6, 2022, 1.20 times from May 7, 2022 through May 6, 2023, and 1.40 times thereafter), and the minimum tangible net worth ratio (80% of tangible net worth as of December 31, 2020 plus 80% of net cash proceeds of equity issuances by the General Partner or the Operating Partnership). The 2021 Credit Agreement contains “change of control” provisions that permit the lenders to declare a default and require the immediate repayment of all outstanding borrowings under the 2021 Credit Facility. These change of control provisions, which have been an event of default under the agreements governing the Company’s revolving credit facilities since June 2000, are triggered if, among other things, a majority of the seats on the Board of Directors (other than vacant seats) become occupied by directors who were neither nominated by the Board of Directors, nor appointed by the Board of Directors. Furthermore, construction loans secured by two multifamily residential property development projects contain cross-acceleration provisions that would constitute an event of default requiring immediate repayment of the construction loans if the change of control provisions under the 2021 Credit Facility are triggered and the lenders declare a default and exercise their rights under the 2021 Credit Facility and accelerate repayment of the outstanding borrowings thereunder. If these change of control provisions were triggered, the Company could seek a forbearance, waiver or amendment of the change of control provisions from the lenders, however there can be no assurance that the Company would be able to obtain such forbearance, waiver or amendment on acceptable terms or at all. If an event of default has occurred and is continuing, the entire outstanding balance under the 2021 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. On May 6, 2021, the Company drew the full $150 million available under the 2021 Term Loan and borrowed $145 million from the 2021 Credit Facility to retire the Company’s Senior Unsecured Notes. (See Note 8: Senior Unsecured Notes.) In June 2021, the Company paid down a total of $123 million of borrowings under the 2021 Term Loan, using sales proceeds from several of the Company’s suburban office property dispositions. On July 27, 2021, the Company repaid the outstanding balance of the 2021 Term Loan of $27 million using proceeds from the disposition of a suburban office properties previously held for sale. (See Note 3: Recent Transactions – Real Estate Held for Sale/Discontinued Operations/Dispositions). The terms of the 2017 credit facility included: (1) a four year term ending in January 2021, with two six month extension options, subject to the Company not being in default on the facility and with the payment of a fee of 7.5 basis points for each extension; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $600 million, with a sublimit under the 2017 credit facility for the issuance of letters of credit in an amount not to exceed $60 million (subject to increase as discussed below), of which $10.6 million of letters of credit had been issued as of May 6, 2021; (3) an interest rate, based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintained a debt rating from Moody’s or S&P, or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee, payable quarterly based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintained a debt rating from Moody’s or S&P or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio. In January 2021, the Company elected to exercise the first option to extend the 2017 credit facility maturity date for a period of six months. Accordingly, the term of the 2017 credit facility was extended through its termination in May 2021, with the Company’s payment of the 7.5 basis point extension fee. After electing to use the defined leverage ratio in 2018 to determine the interest rate, the interest rates on outstanding borrowings, alternate base rate loans and the facility fee on the borrowing capacity, payable quarterly in arrears, on the 2017 credit facility were based on the following total leverage ratio grid: Interest Rate - Applicable Interest Rate - Basis Points Applicable Above LIBOR for Basis Points Alternate Base Facility FeeTotal Leverage Ratio Above LIBOR Rate Loans Basis Points<45% 125.0 25.0 20.0≥45% and <50% 130.0 30.0 25.0≥50% and <55% (ratio through May 6, 2021) 135.0 35.0 30.0≥55% 160.0 60.0 35.0 The Company was in compliance with its debt covenants under its revolving credit facility as of December 31, 2021. As of December 31, 2021 and December 31, 2020, the Company had borrowings of $148 million and $25 million under its revolving credit facility, respectively, and had no outstanding borrowings under its term loan as of both December 31, 2021 and December 31, 2020. |
VERIS RESIDENTIAL, L.P. [Member] | |
Debt Disclosure [Line Items] | |
Revolving Credit Facility And Term Loans | 9. REVOLVING CREDIT FACILITY AND TERM LOANS On May 6, 2021, the Company entered into a revolving credit and term loan agreement (“2021 Credit Agreement”) with a group of seven lenders that provides for a $250 million senior secured revolving credit facility (the “2021 Credit Facility") and a $150 million senior secured term loan facility (the “2021 Term Loan”), and delivered written notice to the administrative agent to terminate the 2017 credit agreement, which termination became effective on May 13, 2021. The terms of the 2021 Credit Facility included: (1) a three year term ending in May 2024; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $250 million (subject to increase as discussed below), with a sublimit under the 2021 Credit Facility for the issuance of letters of credit in an amount not to exceed $50 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties; and (4) a facility fee payable quarterly equal to 35 basis points if usage of the 2021 Credit Facility is less than or equal to 50%, and 25 basis points if usage of the 2021 Credit Facility is greater than 50%. The terms of the 2021 Term Loan included: (1) an eighteen month term ending in November 2022; (2) a single draw of the term loan commitments up to an aggregate principal amount of $150 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties. Interest on borrowings under the 2021 Credit Facility and 2021 Term Loan shall be based on applicable base rate (the “Base Rate”) plus a margin ranging from 125 basis points to 275 basis points depending on the Base Rate elected, currently 0.12%. The Base Rate shall be either (A) the highest of (i) the Wall Street Journal prime rate, (ii) the greater of the then effective (x) Federal Funds Effective Rate, or (y) Overnight Bank Funding Rate plus 50 basis points, and (iii) a LIBO Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities (the “Adjusted LIBO Rate”) and calculated for a one-month interest period, plus 100 basis points (such highest amount being the “ABR Rate”), or (B) the Adjusted LIBO Rate for the applicable interest period; provided, however, that the ABR Rate shall not be less than 1% and the Adjusted LIBO Rate shall not be less than zero. The 2021 Credit Agreement, which applies to both the 2021 Credit Facility and 2021 Term Loan, includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties, and which require compliance with financial ratios relating to the minimum collateral pool value ($800 million), maximum collateral pool leverage ratio (40 percent), minimum number of collateral pool properties (two), the maximum total leverage ratio (65 percent), the minimum debt service coverage ratio (1.10 times until May 6, 2022, 1.20 times from May 7, 2022 through May 6, 2023, and 1.40 times thereafter), and the minimum tangible net worth ratio (80% of tangible net worth as of December 31, 2020 plus 80% of net cash proceeds of equity issuances by the General Partner or the Operating Partnership). The 2021 Credit Agreement contains “change of control” provisions that permit the lenders to declare a default and require the immediate repayment of all outstanding borrowings under the 2021 Credit Facility. These change of control provisions, which have been an event of default under the agreements governing the Company’s revolving credit facilities since June 2000, are triggered if, among other things, a majority of the seats on the Board of Directors (other than vacant seats) become occupied by directors who were neither nominated by the Board of Directors, nor appointed by the Board of Directors. Furthermore, construction loans secured by two multifamily residential property development projects contain cross-acceleration provisions that would constitute an event of default requiring immediate repayment of the construction loans if the change of control provisions under the 2021 Credit Facility are triggered and the lenders declare a default and exercise their rights under the 2021 Credit Facility and accelerate repayment of the outstanding borrowings thereunder. If these change of control provisions were triggered, the Company could seek a forbearance, waiver or amendment of the change of control provisions from the lenders, however there can be no assurance that the Company would be able to obtain such forbearance, waiver or amendment on acceptable terms or at all. If an event of default has occurred and is continuing, the entire outstanding balance under the 2021 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. On May 6, 2021, the Company drew the full $150 million available under the 2021 Term Loan and borrowed $145 million from the 2021 Credit Facility to retire the Company’s Senior Unsecured Notes. (See Note 8: Senior Unsecured Notes.) In June 2021, the Company paid down a total of $123 million of borrowings under the 2021 Term Loan, using sales proceeds from several of the Company’s suburban office property dispositions. On July 27, 2021, the Company repaid the outstanding balance of the 2021 Term Loan of $27 million using proceeds from the disposition of a suburban office properties previously held for sale. (See Note 3: Recent Transactions – Real Estate Held for Sale/Discontinued Operations/Dispositions). The terms of the 2017 credit facility included: (1) a four year term ending in January 2021, with two six month extension options, subject to the Company not being in default on the facility and with the payment of a fee of 7.5 basis points for each extension; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $600 million, with a sublimit under the 2017 credit facility for the issuance of letters of credit in an amount not to exceed $60 million (subject to increase as discussed below), of which $10.6 million of letters of credit had been issued as of May 6, 2021; (3) an interest rate, based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintained a debt rating from Moody’s or S&P, or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee, payable quarterly based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintained a debt rating from Moody’s or S&P or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio. In January 2021, the Company elected to exercise the first option to extend the 2017 credit facility maturity date for a period of six months. Accordingly, the term of the 2017 credit facility was extended through its termination in May 2021, with the Company’s payment of the 7.5 basis point extension fee. After electing to use the defined leverage ratio in 2018 to determine the interest rate, the interest rates on outstanding borrowings, alternate base rate loans and the facility fee on the borrowing capacity, payable quarterly in arrears, on the 2017 credit facility were based on the following total leverage ratio grid: Interest Rate - Applicable Interest Rate - Basis Points Applicable Above LIBOR for Basis Points Alternate Base Facility FeeTotal Leverage Ratio Above LIBOR Rate Loans Basis Points<45% 125.0 25.0 20.0≥45% and <50% 130.0 30.0 25.0≥50% and <55% (ratio through May 6, 2021) 135.0 35.0 30.0≥55% 160.0 60.0 35.0 The Company was in compliance with its debt covenants under its revolving credit facility as of December 31, 2021. As of December 31, 2021 and December 31, 2020, the Company had borrowings of $148 million and $25 million under its revolving credit facility, respectively, and had no outstanding borrowings under its term loan as of both December 31, 2021 and December 31, 2020. |
Mortgages, Loans Payable And Ot
Mortgages, Loans Payable And Other Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Line Items] | |
Mortgages, Loans Payable And Other Obligations | 10. MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company’s rental properties, land and development projects. As of December 31, 2021, 22 of the Company’s properties, with a total carrying value of approximately $3.4 billion and one of the Company’s land and development projects, with a total carrying value of approximately $463 million, are encumbered by the Company’s mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only. A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2021 and 2020 is as follows (dollars in thousands): Effective December 31, December 31, Property/Project NameLender Rate (a) 2021 2020 Maturity RXR - Short Hills (b)Wells Fargo CMBS 4.15% $ - $ 124,500 Port Imperial South 4/5 RetailAmerican General Life & A/G PC 4.56% - 3,866 Riverhouse 9 at Port Imperial (c)Bank of New York Mellon LIBOR+2.13% 87,175 46,357 12/19/22 Port Imperial 4/5 Hotel (d)Fifth Third Bank LIBOR+3.40% 89,000 94,000 04/01/23 Portside at Pier One CBRE Capital Markets/FreddieMac 3.57% 58,998 58,998 08/01/23 Signature PlaceNationwide Life Insurance Company 3.74% 43,000 43,000 08/01/24 Liberty Towers (e)American General Life Insurance Company 3.37% 265,000 265,000 10/01/24 Haus 25 (f)QuadReal Finance LIBOR+2.70% 255,453 161,544 12/01/24 Portside 5/6 (g)New York Life Insurance Company 4.56% 97,000 97,000 03/10/26 BLVD 425New York Life Insurance Company 4.17% 131,000 131,000 08/10/26 BLVD 401New York Life Insurance Company 4.29% 117,000 117,000 08/10/26 101 HudsonWells Fargo CMBS 3.20% 250,000 250,000 10/11/26 The Upton (h)Bank of New York Mellon LIBOR+1.58% 75,000 42,459 10/27/26 145 Front at City SquareMUFG Union Bank LIBOR+1.84% 63,000 63,000 12/10/26 Quarry Place at TuckahoeNatixis Real Estate Capital LLC 4.48% 41,000 41,000 08/05/27 BLVD 475 N/S (i)The Northwestern Mutual Life Insurance Co. 2.91% 165,000 165,000 11/10/27 Riverhouse 11 at Port ImperialThe Northwestern Mutual Life Insurance Co. 4.52% 100,000 100,000 01/10/29 Soho Lofts (j)New York Community Bank 3.77% 160,000 160,000 07/01/29 111 River St. (k)Athene Annuity and Life Company 3.90% 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (l)American General Life & A/G PC 4.85% 32,664 33,138 12/01/29 Emery at Overlook Ridge (m)New York Community Bank 3.21% 72,000 72,000 01/01/31 Principal balance outstanding 2,252,290 2,218,862 Unamortized deferred financing costs (11,220) (14,718) Total mortgages, loans payable and other obligations, net $ 2,241,070 $ 2,204,144 (a)Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.(b)Properties which were collateral for this mortgage loan were disposed of on April 20, 2021. This mortgage loan does not permit early pre-payment. In April 2021, as a result of the disposal of the properties, the Company paid costs of approximately $22.6 million at closing to defease this loan, which was expensed as loss from extinguishment of debt in the second quarter 2021. See Note 3-Recent Transactions. (c) This construction loan has a maximum borrowing capacity of $92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.(d)In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $14.5 million of the outstanding principal, subject to certain conditions. The loan requires a one month trailing debt service coverage charge test (“DSCR Test”), which the Company expects to not be in compliance with for the quarter ended December 31, 2021. If the Company is not in compliance with the DSCR Test, the Company will either be required to make a partial principal repayment or to deposit three months of interest into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. The Company does not believe this will have a material impact on its results of operations or financial condition.(e)In January 2020, the Company increased the size of the loan on Liberty Towers to $265 million, generating $33 million of additional proceeds. (f)This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points.(g) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.(h) This construction loan had a maximum borrowing capacity of $64 million and provided, subject to certain conditions, an 18 month extension option with a fee of 30 basis points, of which the Company had guaranteed 15 percent of the outstanding principal, subject to certain conditions. On October 27, 2021, the Company obtained a new $75 million mortgage loan from a different lender maturing in October 2026 and repaid the existing loan. The Company entered into an interest-rate cap agreement for the new mortgage. (i) In November 2020, the Company modified this mortgage loan, extending the maturity date from February 2021 to November 2027. (j)Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75% annually.(k)In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. (l)The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of December 31, 2021, deferred interest of $0.8 million has been added to the principal balance.(m)In December 2020, the Company obtained a new $72 million mortgage loan that matures on January 1, 2031 and received net loan proceeds of $10.4 million after repaying its construction loan. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s revolving credit facility (see Note 9) and mortgages, loans payable and other obligations (See Note 10) as of December 31, 2021 are as follows (dollars in thousands): Scheduled Principal Period Amortization Maturities Total2022$ 550 $ 87,175 $ 87,7252023 2,047 147,998 150,0452024 3,403 711,453 714,8562025 3,300 - 3,3002026 3,407 733,000 736,407Thereafter 9,415 698,542 707,957Sub-total 22,122 2,378,168 2,400,290Unamortized deferred financing costs (11,220) - (11,220) Totals$ 10,902 $ 2,378,168 $ 2,389,070 CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the years ended December 31, 2021, 2020 and 2019 was $85.2 million, $103.5 million and $108.3 million, (of which $1.7 million, $5.1 million and $5.1 million pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the years ended December 31, 2021, 2020 and 2019 was $30.5 million, $26.4 million and $19.3 million, respectively (which amounts included $0.3 million, $1.4 million and $1.3 million for the years ended December 31, 2021, 2020 and 2019, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS December 31, December 31, (dollars in thousands) 2021 2020 Weighted Average Weighted Average BalanceInterest Rate (a) BalanceInterest Rate (a) Fixed Rate Debt$ 1,675,353 3.71 % $ 2,374,378 3.83 %Revolving Credit Facility & Other Variable Rate Debt 713,717 3.32 % 427,419 3.38 % Totals/Weighted Average:$ 2,389,070 3.60% $ 2,801,797 3.60% |
VERIS RESIDENTIAL, L.P. [Member] | |
Debt Disclosure [Line Items] | |
Mortgages, Loans Payable And Other Obligations | 10. MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company’s rental properties, land and development projects. As of December 31, 2021, 22 of the Company’s properties, with a total carrying value of approximately $3.4 billion and one of the Company’s land and development projects, with a total carrying value of approximately $463 million, are encumbered by the Company’s mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only. A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2021 and 2020 is as follows (dollars in thousands): Effective December 31, December 31, Property/Project NameLender Rate (a) 2021 2020 Maturity RXR - Short Hills (b)Wells Fargo CMBS 4.15% $ - $ 124,500 Port Imperial South 4/5 RetailAmerican General Life & A/G PC 4.56% - 3,866 Riverhouse 9 at Port Imperial (c)Bank of New York Mellon LIBOR+2.13% 87,175 46,357 12/19/22 Port Imperial 4/5 Hotel (d)Fifth Third Bank LIBOR+3.40% 89,000 94,000 04/01/23 Portside at Pier One CBRE Capital Markets/FreddieMac 3.57% 58,998 58,998 08/01/23 Signature PlaceNationwide Life Insurance Company 3.74% 43,000 43,000 08/01/24 Liberty Towers (e)American General Life Insurance Company 3.37% 265,000 265,000 10/01/24 Haus 25 (f)QuadReal Finance LIBOR+2.70% 255,453 161,544 12/01/24 Portside 5/6 (g)New York Life Insurance Company 4.56% 97,000 97,000 03/10/26 BLVD 425New York Life Insurance Company 4.17% 131,000 131,000 08/10/26 BLVD 401New York Life Insurance Company 4.29% 117,000 117,000 08/10/26 101 HudsonWells Fargo CMBS 3.20% 250,000 250,000 10/11/26 The Upton (h)Bank of New York Mellon LIBOR+1.58% 75,000 42,459 10/27/26 145 Front at City SquareMUFG Union Bank LIBOR+1.84% 63,000 63,000 12/10/26 Quarry Place at TuckahoeNatixis Real Estate Capital LLC 4.48% 41,000 41,000 08/05/27 BLVD 475 N/S (i)The Northwestern Mutual Life Insurance Co. 2.91% 165,000 165,000 11/10/27 Riverhouse 11 at Port ImperialThe Northwestern Mutual Life Insurance Co. 4.52% 100,000 100,000 01/10/29 Soho Lofts (j)New York Community Bank 3.77% 160,000 160,000 07/01/29 111 River St. (k)Athene Annuity and Life Company 3.90% 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (l)American General Life & A/G PC 4.85% 32,664 33,138 12/01/29 Emery at Overlook Ridge (m)New York Community Bank 3.21% 72,000 72,000 01/01/31 Principal balance outstanding 2,252,290 2,218,862 Unamortized deferred financing costs (11,220) (14,718) Total mortgages, loans payable and other obligations, net $ 2,241,070 $ 2,204,144 (a)Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.(b)Properties which were collateral for this mortgage loan were disposed of on April 20, 2021. This mortgage loan does not permit early pre-payment. In April 2021, as a result of the disposal of the properties, the Company paid costs of approximately $22.6 million at closing to defease this loan, which was expensed as loss from extinguishment of debt in the second quarter 2021. See Note 3-Recent Transactions. (c) This construction loan has a maximum borrowing capacity of $92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.(d)In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $14.5 million of the outstanding principal, subject to certain conditions. The loan requires a one month trailing debt service coverage charge test (“DSCR Test”), which the Company expects to not be in compliance with for the quarter ended December 31, 2021. If the Company is not in compliance with the DSCR Test, the Company will either be required to make a partial principal repayment or to deposit three months of interest into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. The Company does not believe this will have a material impact on its results of operations or financial condition.(e)In January 2020, the Company increased the size of the loan on Liberty Towers to $265 million, generating $33 million of additional proceeds. (f)This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points.(g) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.(h) This construction loan had a maximum borrowing capacity of $64 million and provided, subject to certain conditions, an 18 month extension option with a fee of 30 basis points, of which the Company had guaranteed 15 percent of the outstanding principal, subject to certain conditions. On October 27, 2021, the Company obtained a new $75 million mortgage loan from a different lender maturing in October 2026 and repaid the existing loan. The Company entered into an interest-rate cap agreement for the new mortgage. (i) In November 2020, the Company modified this mortgage loan, extending the maturity date from February 2021 to November 2027. (j)Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75% annually.(k)In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. (l)The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of December 31, 2021, deferred interest of $0.8 million has been added to the principal balance.(m)In December 2020, the Company obtained a new $72 million mortgage loan that matures on January 1, 2031 and received net loan proceeds of $10.4 million after repaying its construction loan. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s revolving credit facility (see Note 9) and mortgages, loans payable and other obligations (See Note 10) as of December 31, 2021 are as follows (dollars in thousands): Scheduled Principal Period Amortization Maturities Total2022$ 550 $ 87,175 $ 87,7252023 2,047 147,998 150,0452024 3,403 711,453 714,8562025 3,300 - 3,3002026 3,407 733,000 736,407Thereafter 9,415 698,542 707,957Sub-total 22,122 2,378,168 2,400,290Unamortized deferred financing costs (11,220) - (11,220) Totals$ 10,902 $ 2,378,168 $ 2,389,070 CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the years ended December 31, 2021, 2020 and 2019 was $85.2 million, $103.5 million and $108.3 million, (of which $1.7 million, $5.1 million and $5.1 million pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the years ended December 31, 2021, 2020 and 2019 was $30.5 million, $26.4 million and $19.3 million, respectively (which amounts included $0.3 million, $1.4 million and $1.3 million for the years ended December 31, 2021, 2020 and 2019, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS December 31, December 31, (dollars in thousands) 2021 2020 Weighted Average Weighted Average BalanceInterest Rate (a) BalanceInterest Rate (a) Fixed Rate Debt$ 1,675,353 3.71 % $ 2,374,378 3.83 %Revolving Credit Facility & Other Variable Rate Debt 713,717 3.32 % 427,419 3.38 % Totals/Weighted Average:$ 2,389,070 3.60% $ 2,801,797 3.60% |
Employee Benefit 401(k) Plans
Employee Benefit 401(k) Plans | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Line Items] | |
Employee Benefit 401(k) Plans | 11. EMPLOYEE BENEFIT 401(k) PLANS Employees of the General Partner, who meet certain minimum age and service requirements, are eligible to participate in the Veris Residential, Inc. 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the years ended December 31, 2021, 2020 and 2019 was $537 thousand, $771 thousand and $773 thousand, respectively. |
VERIS RESIDENTIAL, L.P. [Member] | |
Compensation And Retirement Disclosure [Line Items] | |
Employee Benefit 401(k) Plans | 11. EMPLOYEE BENEFIT 401(k) PLANS Employees of the General Partner, who meet certain minimum age and service requirements, are eligible to participate in the Veris Residential, Inc. 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the years ended December 31, 2021, 2020 and 2019 was $537 thousand, $771 thousand and $773 thousand, respectively. |
Disclosure Of Fair Value Of Ass
Disclosure Of Fair Value Of Assets And Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Line Items] | |
Disclosure Of Fair Value Of Assets And Liabilities | 12. DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities at December 31, 2021 and 2020. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of December 31, 2021 and 2020. The fair value of the Company’s long-term debt, consisting of senior unsecured notes, revolving credit facility and mortgages, loans payable and other obligations aggregated approximately $2.4 billion and $2.9 billion as compared to the book value of approximately $2.4 billion and $2.8 billion as of December 31, 2021 and 2020, respectively. The fair value of the Company’s long-term debt was valued using level 3 inputs (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value was estimated using a discounted cash flow analysis valuation based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt and the unsecured notes was determined by discounting the future contractual interest and principal payments by a market rate. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in level 2 of the fair value hierarchy. The notes receivable by the Company are presented at the lower of cost basis or net amount expected to be collected in accordance with ASC 326. For its seller-financing note receivable provided to the buyers of the Metropark portfolio, the Company calculated the net present value of contractual cash flows of the total receivable. The Company accordingly recorded a loan loss allowance charge of $0.2 million at December 31, 2021, which was deducted from the amortized cost basis of the note receivable. Such charge was recorded in Interest and other investment income (loss) for the year ended December 31, 2021. See Note 5: Deferred charges, goodwill and other assets, net. The fair value measurements used in the evaluation of the Company’s rental properties for impairment analysis are considered to be Level 3 valuations within the fair value hierarchy, as there are significant unobservable assumptions. Assumptions that were utilized in the fair value calculations include, but are not limited to, discount rates, market capitalization rates, expected lease rental rates, room rental and food and beverage revenue rates, third-party broker information and information from potential buyers, as applicable. Valuations of real estate identified as held for sale are based on estimated sale prices, net of estimated selling costs, of such property. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of unobservable assumptions, including, but not limited to, the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. As of December 31, 2021, assumptions that were utilized in the fair value calculation included: Primary Valuation Unobservable Location Range ofDescription Techniques Assumptions Type RatesLand holdings held for sale and held and used on which the Company recognized impairment losses Developable area and units and market rate per square foot or sale prices per purchase and sale agreements Market rate per residential unit Waterfront $76,000 - $78,000Hotel properties on which the Company recognized impairment losses Discounted cash flows Exit Capitalization rate Waterfront 6.50% Discount rates Waterfront 8.67% The Company identified two office properties (comprised of two disposal groups) and several developable land parcels as held for sale as of December 31, 2021 with an aggregate carrying value of $618.6 million. As a result of recent sales contracts in place and after considering the current market conditions due to the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of several land parcels held for sale (totaling $65.1 million) was not expected to be recovered from estimated net sales proceeds and accordingly recorded land and other impairments of $10.2 million for the year ended December 31, 2021. The Company recognized an unrealized gain of $3.7 million during the year ended December 31, 2021 (reversing cumulative held for sale loss allowances recognized) for a held for sale land parcel that was previously impaired when the Company entered into a contract to sell the land parcel, resulting in a carrying value of $24.8 million for one office property and its land parcels. The Company determined that, due to the shortening of its expected hold period, it was necessary to reduce the carrying value of one office property and its land parcels to their estimated fair values. Accordingly, the Company recorded an impairment charge of $6.0 million on the office asset, which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2021 and $14.3 million on the land parcels in land and other impairments on the consolidated statement of operations for the year ended December 31, 2021. Additionally, the Company determined that, due to the shortening of its expected hold period and as a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its two adjacent hotel properties and determined that it was necessary to reduce the carrying values of its two hotel assets located in Weehawken, New Jersey to their estimated fair values. Accordingly, the Company recorded an impairment charge of $7.4 million on these hotels at December 31, 2021, which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2021. As of December 31, 2020, the Company identified 16 office properties (comprised of six disposal groups), a retail pad leased to others, several developable land parcels as held for sale with an aggregate carrying value of $657 million. As a result of recent sales contract amendments and after considering the current market conditions due to the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of six of those remaining held for sale properties (comprised of three disposal groups) and several land parcels was not expected to be recovered from estimated net sales proceeds and accordingly, during the year ended December 31, 2020, recognized an unrealized held-for-sale loss allowance of $15.7 million for the properties and recorded land and other impairments of $9.5 million. The Company determined that, due to the shortening of its expected hold period and as a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its two adjacent hotel properties and determined that it was necessary to reduce the carrying values of its two hotel assets located in Weehawken, New Jersey to their estimated fair values. One of these hotels had closed its rooms from March 2020 to May 2021. Accordingly, the Company recorded an impairment charge of $36.6 million on these hotels which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2020. The Company also evaluated the recoverability of the carrying values of its land parcels and determined that it was necessary to reduce the carrying values of three held-and-used land parcels to their estimated fair values and recorded land and other impairment charges of $7.3 million for the year ended December 31, 2020. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2021 and 2020. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2021 and current estimates of fair value may differ significantly from the amounts presented herein. The ongoing impact of COVID-19 worldwide has slowed global economic activity and caused significant volatility in financial markets. As such, there is currently significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. economy. The current economic environment can and will be significantly adversely affected by many factors beyond the Company’s control. The extent to which COVID-19 impacts the Company’s fair value estimates in the future will depend on developments going forward, many of which are highly uncertain and cannot be predicted. In consideration of the magnitude of such uncertainties under the current climate, management has considered all available information at its properties and in the marketplace to provide its estimates as of December 31, 2021. |
VERIS RESIDENTIAL, L.P. [Member] | |
Fair Value Disclosures [Line Items] | |
Disclosure Of Fair Value Of Assets And Liabilities | 12. DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities at December 31, 2021 and 2020. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of December 31, 2021 and 2020. The fair value of the Company’s long-term debt, consisting of senior unsecured notes, revolving credit facility and mortgages, loans payable and other obligations aggregated approximately $2.4 billion and $2.9 billion as compared to the book value of approximately $2.4 billion and $2.8 billion as of December 31, 2021 and 2020, respectively. The fair value of the Company’s long-term debt was valued using level 3 inputs (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value was estimated using a discounted cash flow analysis valuation based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt and the unsecured notes was determined by discounting the future contractual interest and principal payments by a market rate. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in level 2 of the fair value hierarchy. The notes receivable by the Company are presented at the lower of cost basis or net amount expected to be collected in accordance with ASC 326. For its seller-financing note receivable provided to the buyers of the Metropark portfolio, the Company calculated the net present value of contractual cash flows of the total receivable. The Company accordingly recorded a loan loss allowance charge of $0.2 million at December 31, 2021, which was deducted from the amortized cost basis of the note receivable. Such charge was recorded in Interest and other investment income (loss) for the year ended December 31, 2021. See Note 5: Deferred charges, goodwill and other assets, net. The fair value measurements used in the evaluation of the Company’s rental properties for impairment analysis are considered to be Level 3 valuations within the fair value hierarchy, as there are significant unobservable assumptions. Assumptions that were utilized in the fair value calculations include, but are not limited to, discount rates, market capitalization rates, expected lease rental rates, room rental and food and beverage revenue rates, third-party broker information and information from potential buyers, as applicable. Valuations of real estate identified as held for sale are based on estimated sale prices, net of estimated selling costs, of such property. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of unobservable assumptions, including, but not limited to, the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. As of December 31, 2021, assumptions that were utilized in the fair value calculation included: Primary Valuation Unobservable Location Range ofDescription Techniques Assumptions Type RatesLand holdings held for sale and held and used on which the Company recognized impairment losses Developable area and units and market rate per square foot or sale prices per purchase and sale agreements Market rate per residential unit Waterfront $76,000 - $78,000Hotel properties on which the Company recognized impairment losses Discounted cash flows Exit Capitalization rate Waterfront 6.50% Discount rates Waterfront 8.67% The Company identified two office properties (comprised of two disposal groups) and several developable land parcels as held for sale as of December 31, 2021 with an aggregate carrying value of $618.6 million. As a result of recent sales contracts in place and after considering the current market conditions due to the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of several land parcels held for sale (totaling $65.1 million) was not expected to be recovered from estimated net sales proceeds and accordingly recorded land and other impairments of $10.2 million for the year ended December 31, 2021. The Company recognized an unrealized gain of $3.7 million during the year ended December 31, 2021 (reversing cumulative held for sale loss allowances recognized) for a held for sale land parcel that was previously impaired when the Company entered into a contract to sell the land parcel, resulting in a carrying value of $24.8 million for one office property and its land parcels. The Company determined that, due to the shortening of its expected hold period, it was necessary to reduce the carrying value of one office property and its land parcels to their estimated fair values. Accordingly, the Company recorded an impairment charge of $6.0 million on the office asset, which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2021 and $14.3 million on the land parcels in land and other impairments on the consolidated statement of operations for the year ended December 31, 2021. Additionally, the Company determined that, due to the shortening of its expected hold period and as a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its two adjacent hotel properties and determined that it was necessary to reduce the carrying values of its two hotel assets located in Weehawken, New Jersey to their estimated fair values. Accordingly, the Company recorded an impairment charge of $7.4 million on these hotels at December 31, 2021, which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2021. As of December 31, 2020, the Company identified 16 office properties (comprised of six disposal groups), a retail pad leased to others, several developable land parcels as held for sale with an aggregate carrying value of $657 million. As a result of recent sales contract amendments and after considering the current market conditions due to the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of six of those remaining held for sale properties (comprised of three disposal groups) and several land parcels was not expected to be recovered from estimated net sales proceeds and accordingly, during the year ended December 31, 2020, recognized an unrealized held-for-sale loss allowance of $15.7 million for the properties and recorded land and other impairments of $9.5 million. The Company determined that, due to the shortening of its expected hold period and as a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its two adjacent hotel properties and determined that it was necessary to reduce the carrying values of its two hotel assets located in Weehawken, New Jersey to their estimated fair values. One of these hotels had closed its rooms from March 2020 to May 2021. Accordingly, the Company recorded an impairment charge of $36.6 million on these hotels which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2020. The Company also evaluated the recoverability of the carrying values of its land parcels and determined that it was necessary to reduce the carrying values of three held-and-used land parcels to their estimated fair values and recorded land and other impairment charges of $7.3 million for the year ended December 31, 2020. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2021 and 2020. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2021 and current estimates of fair value may differ significantly from the amounts presented herein. The ongoing impact of COVID-19 worldwide has slowed global economic activity and caused significant volatility in financial markets. As such, there is currently significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. economy. The current economic environment can and will be significantly adversely affected by many factors beyond the Company’s control. The extent to which COVID-19 impacts the Company’s fair value estimates in the future will depend on developments going forward, many of which are highly uncertain and cannot be predicted. In consideration of the magnitude of such uncertainties under the current climate, management has considered all available information at its properties and in the marketplace to provide its estimates as of December 31, 2021. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Line Items] | |
Commitments And Contingencies | 13. COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: Pilot Payments PILOT 2021 2020 2019Property NameLocationAsset TypeExpiration Dates (Dollars in Thousands)Port Imperial South 1/3 Garage (a)Weehawken, NJParking Garage12/2020$ -$ 303$ 289BLVD 475 (Monaco) (b)Jersey City, NJMultifamily2/2021 443 1,811 2,149111 River Street Hoboken, NJOffice4/2022 1,470 1,470 1,406Harborside Plaza 4A (c)Jersey City, NJOffice2/2022 1,057 1,062 1,080Harborside Plaza 5 (d)Jersey City, NJOffice6/2022 4,324 4,415 4,352BLVD 401 (Marbella 2) (e)Jersey City, NJMultifamily4/2026 1,277 1,151 1,394RiverHouse 11 at Port Imperial (f)Weehawken, NJMultifamily7/2033 1,369 1,143 1,030Port Imperial 4/5 Hotel (g)Weehawken, NJHotel12/2033 2,925 2,161 2,214RiverHouse 9 at Port Imperial (h)Weehawken, NJMultifamily6/2046 350 - -Haus 25 (i)Jersey City, NJMixed-Use(i) - - -Park Apartments at Port Imperial (j)Weehawken, NJMultifamily(j) - - -Total Pilot taxes $ 13,215$ 13,516$ 13,914 (a)Taxes to be paid at 100 percent on the land value of the project only over five year period and allows for a phase in of real estate taxes on the building improvement value at zero percent in year one and 95 percent in years two through five.(b) The annual PILOT is equal to ten percent of Gross Revenues, as defined.(c)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million.(d)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.(e)The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.(f)The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined.(g)The annual PILOT is equal to two percent of Total Project Costs, as defined.(h)The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined.(i)For a term of 25 years following substantial completion, which is anticipated to occur in the second quarter of 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined.(j)For a term of 25 years following substantial completion. The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined. At the conclusion of the above-referenced agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. LITIGATION The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. GROUND LEASE AGREEMENTS Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of December 31, 2021, are as follows (dollars in thousands): As of December 31, 2021Year Amount (a)2022$ 1,6952023 1,7022024 1,7212025 1,7282026 1,7282027 through 2101 151,253Total lease payments 159,827Less: imputed interest (136,141) Total$ 23,686 (a)The Company completed the disposition of 111 River in January 2022. This disposition will reduce the total future lease payments by $127.0 million. As of December 31, 2020Year Amount2021$ 1,7502022 1,7502023 1,7562024 1,7762025 1,7422026 through 2101 152,980Total lease payments 161,754Less: imputed interest (138,152) Total$ 23,602 Ground lease expense incurred by the Company during the years ended December 31, 2021, 2020 and 2019 amounted to $1.8 million, $1.6 million and $2.6 million, respectively. In conjunction with the adoption of ASU 2016-02 (Topic 842), starting on January 1, 2019, the Company capitalized operating leases, which had a balance of $22.3 million at December 31, 2021 for three ground leases. Such amount represents the net present value (“NPV”) of future payments detailed above. The incremental borrowing rates used to arrive at the NPV ranged from 7.58 percent to 7.62 percent for the remaining ground lease terms ranging from 80.83 years to 82.58 years. These rates were arrived at by adjusting the fixed rates of the Company’s mortgage debt with debt having terms approximating the remaining lease term of the Company’s ground leases and calculating notional rates for fully-collateralized loans. CONSTRUCTION PROJECTS The Company is developing a 750-unit multifamily project at 25 Christopher Columbus, also known as Haus 25, in Jersey City, New Jersey, which began construction in the first quarter of 2019. The construction project, which is estimated to cost $469.5 million, of which $425 million has been incurred through December 31, 2021, is expected to be ready for occupancy in the second quarter of 2022. The Company has funded $169.5 million of the construction costs, and the remaining construction costs are expected to be funded from a $300 million construction loan (of which $255.5 million was drawn as of December 31, 2021). OTHER Certain Company properties acquired by contribution from unrelated common unitholders of the Operating Partnership, were subject to restrictions on disposition, except in a manner which did not result in recognition of built-in-gain allocable to such unitholders or which reimbursed the unitholders for the tax consequences thereof (collectively, the “Property Lock-Ups”). While these Property Lock-Ups have expired, the Company is generally required to use commercially reasonable efforts to prevent any disposition of the subject properties from resulting in the recognition of built-in gain to these unitholders, which include members of the Mack Group (which includes William L. Mack, a former director and David S. Mack, a former director). As of December 31, 2021, taking into account tax-free exchanges on the originally contributed properties, either wholly or partially, over time, five of the Company’s properties, as well as certain land and development projects, with an aggregate carrying value of approximately $1.0 billion, are subject to these conditions. As of December 31, 2021, the Company has outstanding stay-on award agreements with 35 select employees, which provides them with the potential to receive compensation, in cash or Company stock at the employees’ option, contingent upon remaining with the Company in good standing until the occurrence of certain corporate transactions, which have not been identified. The total potential cost of such awards is currently estimated to be up to approximately $5.2 million, including the potential future issuance of up to 82,629 shares of the Company’s common stock. Such cash or stock awards would only be earned and payable if such transaction was identified and communicated to the employee within seven years of the agreement dates, which all occurred in late 2020 and early 2021, and all other conditions were satisfied. In September 2020, the General Partner's Board of Directors approved a discretionary reimbursement of approximately $6.1 million in fees and expenses incurred by Bow Street LLC in connection with its proxy solicitations in 2019 and 2020 that resulted in the election of Bow Street's nominees as directors of the General Partner at the 2019 and 2020 annual meetings of stockholders of the General Partner. The Board of Directors determined that the reimbursement was appropriate in light of the benefit to the General Partner and its stockholders of the refreshment of the Board of Directors that resulted from the proxy contests. The Company reimbursed this amount to Bow Street in three substantially equal payments in November 2020, January 2021 and April 2021. The Company recorded the full $6.1 million as general and administrative expense in the year ended December 31, 2020 when the obligation was committed to. Bow Street is an affiliate of A. Akiva Katz, a director of the General Partner, who is a co-founder and managing partner of Bow Street. |
VERIS RESIDENTIAL, L.P. [Member] | |
Commitments And Contingencies [Line Items] | |
Commitments And Contingencies | 13. COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: Pilot Payments PILOT 2021 2020 2019Property NameLocationAsset TypeExpiration Dates (Dollars in Thousands)Port Imperial South 1/3 Garage (a)Weehawken, NJParking Garage12/2020$ -$ 303$ 289BLVD 475 (Monaco) (b)Jersey City, NJMultifamily2/2021 443 1,811 2,149111 River Street Hoboken, NJOffice4/2022 1,470 1,470 1,406Harborside Plaza 4A (c)Jersey City, NJOffice2/2022 1,057 1,062 1,080Harborside Plaza 5 (d)Jersey City, NJOffice6/2022 4,324 4,415 4,352BLVD 401 (Marbella 2) (e)Jersey City, NJMultifamily4/2026 1,277 1,151 1,394RiverHouse 11 at Port Imperial (f)Weehawken, NJMultifamily7/2033 1,369 1,143 1,030Port Imperial 4/5 Hotel (g)Weehawken, NJHotel12/2033 2,925 2,161 2,214RiverHouse 9 at Port Imperial (h)Weehawken, NJMultifamily6/2046 350 - -Haus 25 (i)Jersey City, NJMixed-Use(i) - - -Park Apartments at Port Imperial (j)Weehawken, NJMultifamily(j) - - -Total Pilot taxes $ 13,215$ 13,516$ 13,914 (a)Taxes to be paid at 100 percent on the land value of the project only over five year period and allows for a phase in of real estate taxes on the building improvement value at zero percent in year one and 95 percent in years two through five.(b) The annual PILOT is equal to ten percent of Gross Revenues, as defined.(c)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million.(d)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.(e)The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.(f)The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined.(g)The annual PILOT is equal to two percent of Total Project Costs, as defined.(h)The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined.(i)For a term of 25 years following substantial completion, which is anticipated to occur in the second quarter of 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined.(j)For a term of 25 years following substantial completion. The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined. At the conclusion of the above-referenced agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. LITIGATION The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. GROUND LEASE AGREEMENTS Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of December 31, 2021, are as follows (dollars in thousands): As of December 31, 2021Year Amount (a)2022$ 1,6952023 1,7022024 1,7212025 1,7282026 1,7282027 through 2101 151,253Total lease payments 159,827Less: imputed interest (136,141) Total$ 23,686 (a)The Company completed the disposition of 111 River in January 2022. This disposition will reduce the total future lease payments by $127.0 million. As of December 31, 2020Year Amount2021$ 1,7502022 1,7502023 1,7562024 1,7762025 1,7422026 through 2101 152,980Total lease payments 161,754Less: imputed interest (138,152) Total$ 23,602 Ground lease expense incurred by the Company during the years ended December 31, 2021, 2020 and 2019 amounted to $1.8 million, $1.6 million and $2.6 million, respectively. In conjunction with the adoption of ASU 2016-02 (Topic 842), starting on January 1, 2019, the Company capitalized operating leases, which had a balance of $22.3 million at December 31, 2021 for three ground leases. Such amount represents the net present value (“NPV”) of future payments detailed above. The incremental borrowing rates used to arrive at the NPV ranged from 7.58 percent to 7.62 percent for the remaining ground lease terms ranging from 80.83 years to 82.58 years. These rates were arrived at by adjusting the fixed rates of the Company’s mortgage debt with debt having terms approximating the remaining lease term of the Company’s ground leases and calculating notional rates for fully-collateralized loans. CONSTRUCTION PROJECTS The Company is developing a 750-unit multifamily project at 25 Christopher Columbus, also known as Haus 25, in Jersey City, New Jersey, which began construction in the first quarter of 2019. The construction project, which is estimated to cost $469.5 million, of which $425 million has been incurred through December 31, 2021, is expected to be ready for occupancy in the second quarter of 2022. The Company has funded $169.5 million of the construction costs, and the remaining construction costs are expected to be funded from a $300 million construction loan (of which $255.5 million was drawn as of December 31, 2021). OTHER Certain Company properties acquired by contribution from unrelated common unitholders of the Operating Partnership, were subject to restrictions on disposition, except in a manner which did not result in recognition of built-in-gain allocable to such unitholders or which reimbursed the unitholders for the tax consequences thereof (collectively, the “Property Lock-Ups”). While these Property Lock-Ups have expired, the Company is generally required to use commercially reasonable efforts to prevent any disposition of the subject properties from resulting in the recognition of built-in gain to these unitholders, which include members of the Mack Group (which includes William L. Mack, a former director and David S. Mack, a former director). As of December 31, 2021, taking into account tax-free exchanges on the originally contributed properties, either wholly or partially, over time, five of the Company’s properties, as well as certain land and development projects, with an aggregate carrying value of approximately $1.0 billion, are subject to these conditions. As of December 31, 2021, the Company has outstanding stay-on award agreements with 35 select employees, which provides them with the potential to receive compensation, in cash or Company stock at the employees’ option, contingent upon remaining with the Company in good standing until the occurrence of certain corporate transactions, which have not been identified. The total potential cost of such awards is currently estimated to be up to approximately $5.2 million, including the potential future issuance of up to 82,629 shares of the Company’s common stock. Such cash or stock awards would only be earned and payable if such transaction was identified and communicated to the employee within seven years of the agreement dates, which all occurred in late 2020 and early 2021, and all other conditions were satisfied. In September 2020, the General Partner's Board of Directors approved a discretionary reimbursement of approximately $6.1 million in fees and expenses incurred by Bow Street LLC in connection with its proxy solicitations in 2019 and 2020 that resulted in the election of Bow Street's nominees as directors of the General Partner at the 2019 and 2020 annual meetings of stockholders of the General Partner. The Board of Directors determined that the reimbursement was appropriate in light of the benefit to the General Partner and its stockholders of the refreshment of the Board of Directors that resulted from the proxy contests. The Company reimbursed this amount to Bow Street in three substantially equal payments in November 2020, January 2021 and April 2021. The Company recorded the full $6.1 million as general and administrative expense in the year ended December 31, 2020 when the obligation was committed to. Bow Street is an affiliate of A. Akiva Katz, a director of the General Partner, who is a co-founder and managing partner of Bow Street. |
Tenant Leases
Tenant Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Line Items] | |
Tenant Leases | 14. TENANT LEASES The Company’s consolidated office properties are leased to tenants under operating leases with various expiration dates through 2036. Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass-through of charges for electrical usage. Future minimum rentals to be received under non-cancelable commercial operating leases (excluding properties classified as discontinued operations) at December 31, 2021 and 2020 are as follows (dollars in thousands): As of December 31, 2021Year Amount2022$ 115,2562023 114,3552024 98,3742025 94,0422026 91,2972027 and thereafter 416,712 Total$ 930,036 As of December 31, 2020Year Amount2021$ 117,2282022 114,1012023 108,4062024 92,6052025 88,3092026 and thereafter 462,920 Total$ 983,569 Multifamily rental property residential leases are excluded from the above table as they generally expire within one year. |
VERIS RESIDENTIAL, L.P. [Member] | |
Leases [Line Items] | |
Tenant Leases | 14. TENANT LEASES The Company’s consolidated office properties are leased to tenants under operating leases with various expiration dates through 2036. Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass-through of charges for electrical usage. Future minimum rentals to be received under non-cancelable commercial operating leases (excluding properties classified as discontinued operations) at December 31, 2021 and 2020 are as follows (dollars in thousands): As of December 31, 2021Year Amount2022$ 115,2562023 114,3552024 98,3742025 94,0422026 91,2972027 and thereafter 416,712 Total$ 930,036 As of December 31, 2020Year Amount2021$ 117,2282022 114,1012023 108,4062024 92,6052025 88,3092026 and thereafter 462,920 Total$ 983,569 Multifamily rental property residential leases are excluded from the above table as they generally expire within one year. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2021 | |
Redeemable Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interests | 15. REDEEMABLE NONCONTROLLING INTERESTS The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interests in subsidiaries within the equity section on the Company’s Consolidated Balance Sheet. Rockpoint Transaction On February 27, 2017, the Company, Veris Residential Trust (“VRT”), formerly known as Roseland Residential Trust, the Company’s subsidiary through which the Company conducts its multifamily residential real estate operations, Veris Residential Partners, L.P. (“VRLP”), formerly known as Roseland Residential, L.P., the operating partnership through which VRT conducts all of its operations, and certain other affiliates of the Company entered into a preferred equity investment agreement (the “Original Investment Agreement”) with certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint”). The Original Investment Agreement provided for VRT to contribute property to VRLP in exchange for common units of limited partnership interests in VRLP (the “Common Units”) and for multiple equity investments by Rockpoint in VRLP from time to time for up to an aggregate of $300 million of preferred units of limited partnership interests in VRLP (the “Preferred Units”). The initial closing under the Original Investment Agreement occurred on March 10, 2017 for $150 million of Preferred Units and the parties agreed that the Company’s contributed equity value (“VRT Contributed Equity Value”), was $1.23 billion at closing. During the year ended December 31, 2018, a total additional amount of $105 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement. During the three months ended March 31, 2019, a total additional amount of $45 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement, which brought the Preferred Units to the full balance of $300 million. In addition, certain contributions of property to VRLP by VRT subsequent to the execution of the Original Investment Agreement resulted in VRT being issued approximately $46 million of Preferred Units and Common Units in VRLP prior to June 26, 2019. On June 26, 2019, the Company, VRT, VRLP, certain other affiliates of the Company and Rockpoint entered into an additional preferred equity investment agreement (the “Add On Investment Agreement”). The closing under the Add On Investment Agreement occurred on June 28, 2019. Pursuant to the Add On Investment Agreement, Rockpoint invested an additional $100 million in Preferred Units and the Company and VRT agreed to contribute to VRLP two additional properties located in Jersey City, New Jersey. The Company used the $100 million in proceeds received to repay outstanding borrowings under its revolving credit facility and other debt by June 30, 2019. In addition, Rockpoint has a right of first refusal to invest another $100 million in Preferred Units in the event VRT determines that VRLP requires additional capital prior to March 1, 2023 and, subject thereto, VRLP may issue up to approximately $154 million in Preferred Units to VRT or an affiliate so long as at the time of such funding VRT determines in good faith that VRLP has a valid business purpose to use such proceeds. Included in general and administrative expenses for the year ended December 31, 2019 were $371 thousand in fees associated with the modifications of the Original Investment Agreement, which were made upon signing of the Add On Investment Agreement. Under the terms of the new transaction with Rockpoint, the cash flow from operations of VRLP will be distributable to Rockpoint and VRT as follows: first, to provide a 6% annual return to Rockpoint and VRT on their capital invested in Preferred Units (the “Preferred Base Return”);second, 95.36% to VRT and 4.64% to Rockpoint until VRT has received a 6% annual return (the “VRT Base Return”) on the equity value of the properties contributed by it to VRLP in exchange for Common Units (previously 95% and 5%, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to VRLP in the future; andthird, pro rata to Rockpoint and VRT based on total respective capital invested in and contributed equity value of Preferred Units and Common Units (based on Rockpoint’s $400 million of invested capital at December 31, 2021, this pro rata distribution would be approximately 21.89% to Rockpoint in respect of Preferred Units, 2.65% to VRT in respect of Preferred Units and 75.46% to VRT in respect of Common Units). VRLP’s cash flow from capital events will generally be distributable by VRLP to Rockpoint and VRT as follows: first, to Rockpoint and VRT to the extent there is any unpaid, accrued Preferred Base Return; second, as a return of capital to Rockpoint and to VRT in respect of Preferred Units;third, 95.36% to VRT and 4.64% to Rockpoint until VRT has received the VRT Base Return in respect of Common Units (previously 95% and 5%, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to VRLP in the future;fourth, 95.36% to VRT and 4.64% to Rockpoint until VRT has received a return of capital based on the equity value of the properties contributed by it to VRLP in exchange for Common Units (previously 95% and 5%, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to the capital of VRLP in the future;fifth, pro rata to Rockpoint and VRT based on respective total capital invested in and contributed equity value of Preferred and Common Units until Rockpoint has received an 11% internal rate of return (based on Rockpoint’s $400 million of invested capital at December 31, 2021, this pro rata distribution would be approximately 21.89% to Rockpoint in respect of Preferred Units, 2.65% to VRT in respect of Preferred Units and 75.46% to VRT in respect of Common Units); andsixth, to Rockpoint and VRT in respect of their Preferred Units based on 50% of their pro rata shares described in “fifth” above and the balance to VRT in respect of its Common Units (based on Rockpoint’s $400 million of invested capital at December 31, 2021, this pro rata distribution would be approximately 10.947% to Rockpoint in respect of Preferred Units, 1.325% to VRT in respect of Preferred Units and 87.728% to VRT in respect of Common Units). In general, VRLP may not sell its properties in taxable transactions, although it may engage in tax-deferred like-kind exchanges of properties or it may proceed in another manner designed to avoid the recognition of gain for tax purposes. In connection with the Add On Investment Agreement, on June 26, 2019, VRT increased the size of its board of trustees from six to seven persons, with five trustees being designated by the Company and two trustees being designated by Rockpoint. In addition, as was the case under the Original Investment Agreement, VRT and VRLP are required to obtain Rockpoint’s consent with respect to: debt financings in excess of a 65% loan-to-value ratio;corporate level financings that are pari-passu or senior to the Preferred Units;new investment opportunities to the extent the opportunity requires an equity capitalization in excess of 10% of VRLP’s NAV;new investment opportunities located in a Metropolitan Statistical Area where VRLP owns no property as of the previous quarter; declaration of bankruptcy of VRT; transactions between VRT and the Company, subject to certain limited exceptions; any equity granted or equity incentive plan adopted by VRLP or any of its subsidiaries; andcertain matters relating to the Credit Enhancement Note (as defined below) between the Company and VRLP (other than ordinary course borrowings or repayments thereunder). Under a Discretionary Demand Promissory Note (the “Credit Enhancement Note”), the Company may provide periodic cash advances to VRLP. The Credit Enhancement Note provides for an interest rate equal to the London Inter-Bank Offered Rate plus fifty (50) basis points above the applicable interest rate under the Company’s revolving credit facility. The maximum aggregate principal amount of advances at any one time outstanding under the Credit Enhancement Note is limited to $50 million, an increase of $25 million from the prior transaction. VRT and VRLP also have agreed, as was the case under the Original Investment Agreement, to register the Preferred Units under certain circumstances in the future in the event VRT or VRLP becomes a publicly traded company. During the period commencing on June 28, 2019 and ending on March 1, 2023 (the “Lockout Period”), Rockpoint’s interest in the Preferred Units cannot be redeemed or repurchased, except in connection with (a) a sale of all or substantially all of VRLP or a sale of a majority of the then-outstanding interests in VRLP, in each case, which sale is not approved by Rockpoint, or (b) a spin-out or initial public offering of common stock of VRT, or distributions of VRT equity interests by the Company or its affiliates to shareholders or their respective parent interestholders (an acquisition pursuant clauses (a) or (b) above, an “Early Purchase”). VRT has the right to acquire Rockpoint’s interest in the Preferred Units in connection with an Early Purchase for a purchase price generally equal to (i) the amount that Rockpoint would receive upon the sale of the assets of VRLP for fair market value and a distribution of the net sale proceeds in accordance with (A) the capital event distribution priorities discussed above (in the case of certain Rockpoint Preferred Holders) and (B) the distribution priorities applicable in the case of a liquidation of VRLP (in the case of the other Rockpoint Preferred Holder), plus (ii) a make whole premium (such purchase price, the “Purchase Payment”). The make whole premium is an amount equal to (i) $173.5 million until December 28, 2020, or $198.5 million thereafter, less distributions theretofore made to Rockpoint with respect to its Preferred Base Return or any deficiency therein, plus (ii) $1.5 million less certain other distributions theretofore made to Rockpoint. The fair market value of VRLP’s assets is determined by a third party appraisal of the net asset value (“NAV”) of VRLP and the fair market value of VRLP’s assets, to be completed within ninety (90) calendar days of March 1, 2023 and annually thereafter. After the Lockout Period, either VRT may acquire from Rockpoint, or Rockpoint may sell to VRT, all, but not less than all, of Rockpoint’s interest in the Preferred Units (each, a “Put/Call Event”) for a purchase price equal to the Purchase Payment (determined without regard to the make whole premium and any related tax allocations). An acquisition of Rockpoint’s interest in the Preferred Units pursuant to a Put/Call Event is generally required to be structured as a purchase of the common equity in the applicable Rockpoint entities holding direct or indirect interests in the Preferred Units. Subject to certain exceptions, Rockpoint also has a right of first offer and a participation right with respect to other common equity interests of VRLP or any subsidiary of VRLP that may be offered for sale by VRLP or its subsidiaries from time to time. Upon a Put/Call Event, other than in the event of a sale of VRLP, Rockpoint may elect to convert all, but not less than all, of its Preferred Units to Common Units in VRLP. As such, the Preferred Units contain a substantive redemption feature that is outside of the Company’s control and accordingly, pursuant to ASC 480-1—S99-3A, the Preferred Units are classified in mezzanine equity measured based on the estimated future redemption value as of December 31, 2021. The Company determines the redemption value of these interests by hypothetically liquidating the estimated NAV of the VRT real estate portfolio including debt principal through the applicable waterfall provisions of the new transaction with Rockpoint. The estimation of NAV includes unobservable inputs that consider assumptions of market participants in pricing the underlying assets of VRLP. For properties under development, the Company applies a discount rate to the estimated future cash flows allocable to the Company during the period under construction and then applies a direct capitalization method to the estimated stabilized cash flows. For operating properties, the direct capitalization method is used by applying a capitalization rate to the projected net operating income. For developable land holdings, an estimated per-unit market value assumption is considered based on development rights or plans for the land. Estimated future cash flows used in such analyses are based on the Company’s business plan for each respective property including capital expenditures, management’s views of market and economic conditions, and considers items such as current and future rental rates, occupancies and market transactions for comparable properties. The estimated future redemption value of the Preferred Units is approximately $479.2 million as of December 31, 2021. Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”). The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Each Series A Unit has a stated value of $1,000, pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The conversion rate was based on a value of $35.52 per common unit. The Series A Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Series A Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017 and an additional 91 Series A-1 Units were issued in April 2017 pursuant to acquiring additional interests in a joint venture that owns Monaco Towers in Jersey City, New Jersey. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. Each Series A-1 Unit has a stated value of $1,000 (the “Stated Value”), pays dividends quarterly at an annual rate equal to the greater of (x) 3.5 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock, and is convertible into 27.936 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 257,375 Common Units. The conversion rate was based on a value of $35.80 per common unit. The Series A-1 Units have a liquidation and dividend preference senior to the Common Units and include customary anti-dilution protections for stock splits and similar events. The Series A-1 Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. The Series A-1 Units are pari passu with the 42,800 3.5% Series A Units issued on February 3, 2017. The following tables set forth the changes in Redeemable noncontrolling interests for the year ended December 31, 2021 (dollars in thousands): Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRLP InterestsBalance January 1, 2021$ 52,324 $ 460,973 $ 513,297Redeemable Noncontrolling Interests Issued - - -Net 52,324 460,973 513,297Income Attributed to Noncontrolling Interests 1,820 24,157 25,977Distributions (1,820) (24,157) (25,977)Redemption Value Adjustment - 8,016 8,016 Redeemable noncontrolling interests as of December 31, 2021$ 52,324 $ 468,989 $ 521,313 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRLP InterestsBalance January 1, 2020$ 52,324 $ 451,058 $ 503,382Redeemable Noncontrolling Interests Issued - - -Net 52,324 451,058 503,382Income Attributed to Noncontrolling Interests 1,820 24,063 25,883Distributions (1,820) (24,063) (25,883)Other Distributions - (3,153) (3,153)Redemption Value Adjustment - 13,068 13,068 Redeemable noncontrolling interests as of December 31, 2020$ 52,324 $ 460,973 $ 513,297 |
VERIS RESIDENTIAL, L.P. [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interests | 15. REDEEMABLE NONCONTROLLING INTERESTS The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interests in subsidiaries within the equity section on the Company’s Consolidated Balance Sheet. Rockpoint Transaction On February 27, 2017, the Company, Veris Residential Trust (“VRT”), formerly known as Roseland Residential Trust, the Company’s subsidiary through which the Company conducts its multifamily residential real estate operations, Veris Residential Partners, L.P. (“VRLP”), formerly known as Roseland Residential, L.P., the operating partnership through which VRT conducts all of its operations, and certain other affiliates of the Company entered into a preferred equity investment agreement (the “Original Investment Agreement”) with certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint”). The Original Investment Agreement provided for VRT to contribute property to VRLP in exchange for common units of limited partnership interests in VRLP (the “Common Units”) and for multiple equity investments by Rockpoint in VRLP from time to time for up to an aggregate of $300 million of preferred units of limited partnership interests in VRLP (the “Preferred Units”). The initial closing under the Original Investment Agreement occurred on March 10, 2017 for $150 million of Preferred Units and the parties agreed that the Company’s contributed equity value (“VRT Contributed Equity Value”), was $1.23 billion at closing. During the year ended December 31, 2018, a total additional amount of $105 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement. During the three months ended March 31, 2019, a total additional amount of $45 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement, which brought the Preferred Units to the full balance of $300 million. In addition, certain contributions of property to VRLP by VRT subsequent to the execution of the Original Investment Agreement resulted in VRT being issued approximately $46 million of Preferred Units and Common Units in VRLP prior to June 26, 2019. On June 26, 2019, the Company, VRT, VRLP, certain other affiliates of the Company and Rockpoint entered into an additional preferred equity investment agreement (the “Add On Investment Agreement”). The closing under the Add On Investment Agreement occurred on June 28, 2019. Pursuant to the Add On Investment Agreement, Rockpoint invested an additional $100 million in Preferred Units and the Company and VRT agreed to contribute to VRLP two additional properties located in Jersey City, New Jersey. The Company used the $100 million in proceeds received to repay outstanding borrowings under its revolving credit facility and other debt by June 30, 2019. In addition, Rockpoint has a right of first refusal to invest another $100 million in Preferred Units in the event VRT determines that VRLP requires additional capital prior to March 1, 2023 and, subject thereto, VRLP may issue up to approximately $154 million in Preferred Units to VRT or an affiliate so long as at the time of such funding VRT determines in good faith that VRLP has a valid business purpose to use such proceeds. Included in general and administrative expenses for the year ended December 31, 2019 were $371 thousand in fees associated with the modifications of the Original Investment Agreement, which were made upon signing of the Add On Investment Agreement. Under the terms of the new transaction with Rockpoint, the cash flow from operations of VRLP will be distributable to Rockpoint and VRT as follows: first, to provide a 6% annual return to Rockpoint and VRT on their capital invested in Preferred Units (the “Preferred Base Return”);second, 95.36% to VRT and 4.64% to Rockpoint until VRT has received a 6% annual return (the “VRT Base Return”) on the equity value of the properties contributed by it to VRLP in exchange for Common Units (previously 95% and 5%, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to VRLP in the future; andthird, pro rata to Rockpoint and VRT based on total respective capital invested in and contributed equity value of Preferred Units and Common Units (based on Rockpoint’s $400 million of invested capital at December 31, 2021, this pro rata distribution would be approximately 21.89% to Rockpoint in respect of Preferred Units, 2.65% to VRT in respect of Preferred Units and 75.46% to VRT in respect of Common Units). VRLP’s cash flow from capital events will generally be distributable by VRLP to Rockpoint and VRT as follows: first, to Rockpoint and VRT to the extent there is any unpaid, accrued Preferred Base Return; second, as a return of capital to Rockpoint and to VRT in respect of Preferred Units;third, 95.36% to VRT and 4.64% to Rockpoint until VRT has received the VRT Base Return in respect of Common Units (previously 95% and 5%, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to VRLP in the future;fourth, 95.36% to VRT and 4.64% to Rockpoint until VRT has received a return of capital based on the equity value of the properties contributed by it to VRLP in exchange for Common Units (previously 95% and 5%, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to the capital of VRLP in the future;fifth, pro rata to Rockpoint and VRT based on respective total capital invested in and contributed equity value of Preferred and Common Units until Rockpoint has received an 11% internal rate of return (based on Rockpoint’s $400 million of invested capital at December 31, 2021, this pro rata distribution would be approximately 21.89% to Rockpoint in respect of Preferred Units, 2.65% to VRT in respect of Preferred Units and 75.46% to VRT in respect of Common Units); andsixth, to Rockpoint and VRT in respect of their Preferred Units based on 50% of their pro rata shares described in “fifth” above and the balance to VRT in respect of its Common Units (based on Rockpoint’s $400 million of invested capital at December 31, 2021, this pro rata distribution would be approximately 10.947% to Rockpoint in respect of Preferred Units, 1.325% to VRT in respect of Preferred Units and 87.728% to VRT in respect of Common Units). In general, VRLP may not sell its properties in taxable transactions, although it may engage in tax-deferred like-kind exchanges of properties or it may proceed in another manner designed to avoid the recognition of gain for tax purposes. In connection with the Add On Investment Agreement, on June 26, 2019, VRT increased the size of its board of trustees from six to seven persons, with five trustees being designated by the Company and two trustees being designated by Rockpoint. In addition, as was the case under the Original Investment Agreement, VRT and VRLP are required to obtain Rockpoint’s consent with respect to: debt financings in excess of a 65% loan-to-value ratio;corporate level financings that are pari-passu or senior to the Preferred Units;new investment opportunities to the extent the opportunity requires an equity capitalization in excess of 10% of VRLP’s NAV;new investment opportunities located in a Metropolitan Statistical Area where VRLP owns no property as of the previous quarter; declaration of bankruptcy of VRT; transactions between VRT and the Company, subject to certain limited exceptions; any equity granted or equity incentive plan adopted by VRLP or any of its subsidiaries; andcertain matters relating to the Credit Enhancement Note (as defined below) between the Company and VRLP (other than ordinary course borrowings or repayments thereunder). Under a Discretionary Demand Promissory Note (the “Credit Enhancement Note”), the Company may provide periodic cash advances to VRLP. The Credit Enhancement Note provides for an interest rate equal to the London Inter-Bank Offered Rate plus fifty (50) basis points above the applicable interest rate under the Company’s revolving credit facility. The maximum aggregate principal amount of advances at any one time outstanding under the Credit Enhancement Note is limited to $50 million, an increase of $25 million from the prior transaction. VRT and VRLP also have agreed, as was the case under the Original Investment Agreement, to register the Preferred Units under certain circumstances in the future in the event VRT or VRLP becomes a publicly traded company. During the period commencing on June 28, 2019 and ending on March 1, 2023 (the “Lockout Period”), Rockpoint’s interest in the Preferred Units cannot be redeemed or repurchased, except in connection with (a) a sale of all or substantially all of VRLP or a sale of a majority of the then-outstanding interests in VRLP, in each case, which sale is not approved by Rockpoint, or (b) a spin-out or initial public offering of common stock of VRT, or distributions of VRT equity interests by the Company or its affiliates to shareholders or their respective parent interestholders (an acquisition pursuant clauses (a) or (b) above, an “Early Purchase”). VRT has the right to acquire Rockpoint’s interest in the Preferred Units in connection with an Early Purchase for a purchase price generally equal to (i) the amount that Rockpoint would receive upon the sale of the assets of VRLP for fair market value and a distribution of the net sale proceeds in accordance with (A) the capital event distribution priorities discussed above (in the case of certain Rockpoint Preferred Holders) and (B) the distribution priorities applicable in the case of a liquidation of VRLP (in the case of the other Rockpoint Preferred Holder), plus (ii) a make whole premium (such purchase price, the “Purchase Payment”). The make whole premium is an amount equal to (i) $173.5 million until December 28, 2020, or $198.5 million thereafter, less distributions theretofore made to Rockpoint with respect to its Preferred Base Return or any deficiency therein, plus (ii) $1.5 million less certain other distributions theretofore made to Rockpoint. The fair market value of VRLP’s assets is determined by a third party appraisal of the net asset value (“NAV”) of VRLP and the fair market value of VRLP’s assets, to be completed within ninety (90) calendar days of March 1, 2023 and annually thereafter. After the Lockout Period, either VRT may acquire from Rockpoint, or Rockpoint may sell to VRT, all, but not less than all, of Rockpoint’s interest in the Preferred Units (each, a “Put/Call Event”) for a purchase price equal to the Purchase Payment (determined without regard to the make whole premium and any related tax allocations). An acquisition of Rockpoint’s interest in the Preferred Units pursuant to a Put/Call Event is generally required to be structured as a purchase of the common equity in the applicable Rockpoint entities holding direct or indirect interests in the Preferred Units. Subject to certain exceptions, Rockpoint also has a right of first offer and a participation right with respect to other common equity interests of VRLP or any subsidiary of VRLP that may be offered for sale by VRLP or its subsidiaries from time to time. Upon a Put/Call Event, other than in the event of a sale of VRLP, Rockpoint may elect to convert all, but not less than all, of its Preferred Units to Common Units in VRLP. As such, the Preferred Units contain a substantive redemption feature that is outside of the Company’s control and accordingly, pursuant to ASC 480-1—S99-3A, the Preferred Units are classified in mezzanine equity measured based on the estimated future redemption value as of December 31, 2021. The Company determines the redemption value of these interests by hypothetically liquidating the estimated NAV of the VRT real estate portfolio including debt principal through the applicable waterfall provisions of the new transaction with Rockpoint. The estimation of NAV includes unobservable inputs that consider assumptions of market participants in pricing the underlying assets of VRLP. For properties under development, the Company applies a discount rate to the estimated future cash flows allocable to the Company during the period under construction and then applies a direct capitalization method to the estimated stabilized cash flows. For operating properties, the direct capitalization method is used by applying a capitalization rate to the projected net operating income. For developable land holdings, an estimated per-unit market value assumption is considered based on development rights or plans for the land. Estimated future cash flows used in such analyses are based on the Company’s business plan for each respective property including capital expenditures, management’s views of market and economic conditions, and considers items such as current and future rental rates, occupancies and market transactions for comparable properties. The estimated future redemption value of the Preferred Units is approximately $479.2 million as of December 31, 2021. Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”). The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Each Series A Unit has a stated value of $1,000, pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The conversion rate was based on a value of $35.52 per common unit. The Series A Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Series A Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017 and an additional 91 Series A-1 Units were issued in April 2017 pursuant to acquiring additional interests in a joint venture that owns Monaco Towers in Jersey City, New Jersey. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. Each Series A-1 Unit has a stated value of $1,000 (the “Stated Value”), pays dividends quarterly at an annual rate equal to the greater of (x) 3.5 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock, and is convertible into 27.936 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 257,375 Common Units. The conversion rate was based on a value of $35.80 per common unit. The Series A-1 Units have a liquidation and dividend preference senior to the Common Units and include customary anti-dilution protections for stock splits and similar events. The Series A-1 Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. The Series A-1 Units are pari passu with the 42,800 3.5% Series A Units issued on February 3, 2017. The following tables set forth the changes in Redeemable noncontrolling interests for the year ended December 31, 2021 (dollars in thousands): Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRLP InterestsBalance January 1, 2021$ 52,324 $ 460,973 $ 513,297Redeemable Noncontrolling Interests Issued - - -Net 52,324 460,973 513,297Income Attributed to Noncontrolling Interests 1,820 24,157 25,977Distributions (1,820) (24,157) (25,977)Redemption Value Adjustment - 8,016 8,016 Redeemable noncontrolling interests as of December 31, 2021$ 52,324 $ 468,989 $ 521,313 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRLP InterestsBalance January 1, 2020$ 52,324 $ 451,058 $ 503,382Redeemable Noncontrolling Interests Issued - - -Net 52,324 451,058 503,382Income Attributed to Noncontrolling Interests 1,820 24,063 25,883Distributions (1,820) (24,063) (25,883)Other Distributions - (3,153) (3,153)Redemption Value Adjustment - 13,068 13,068 Redeemable noncontrolling interests as of December 31, 2020$ 52,324 $ 460,973 $ 513,297 |
Veris Residential, Inc. Stockho
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders Equity [Line Items] | |
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital | 16. VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL To maintain its qualification as a REIT, not more than 50 percent in value of the outstanding shares of the General Partner may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any taxable year of the General Partner, other than its initial taxable year (defined to include certain entities), applying certain constructive ownership rules. To help ensure that the General Partner will not fail this test, the General Partner’s Charter provides, among other things, certain restrictions on the transfer of common stock to prevent further concentration of stock ownership. Moreover, to evidence compliance with these requirements, the General Partner must maintain records that disclose the actual ownership of its outstanding common stock and demands written statements each year from the holders of record of designated percentages of its common stock requesting the disclosure of the beneficial owners of such common stock. Partners’ Capital in the accompanying consolidated financial statements relates to (a) General Partners’ capital consisting of common units in the Operating Partnership held by the General Partner, and (b) Limited Partners’ capital consisting of common units and LTIP units held by the limited partners. See Note 17: Noncontrolling Interests in Subsidiaries. Any transactions resulting in the issuance of additional common and preferred stock of the General Partner result in a corresponding issuance by the Operating Partnership of an equivalent amount of common and preferred units to the General Partner. ATM PROGRAM On December 13, 2021, the Company entered into a distribution agreement (the “Distribution Agreement”) with J.P. Morgan Securities LLC, BofA Securities, Inc., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Comerica Securities, Inc., Goldman Sachs & Co. LLC, R. Seelaus & Co., LLC and Samuel A. Ramirez & Company, Inc., as sales agents. Pursuant to the Distribution Agreement, the Company may issue and sell, from time to time, shares of common stock, par value $0.01 per share, having a combined aggregate offering price of up to $200 million. The Company will pay a commission that will not exceed, but may be lower than, 2% of the gross proceeds of all shares sold through the ATM Program. As of December 31, 2021, the Company had not sold any shares pursuant to the ATM Program. DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN The General Partner has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”) which commenced in March 1999 under which approximately 5.5 million shares of the General Partner’s common stock have been reserved for future issuance. The DRIP provides for automatic reinvestment of all or a portion of a participant’s dividends from the General Partner’s shares of common stock. The DRIP also permits participants to make optional cash investments up to $5,000 a month without restriction and, if the Company waives this limit, for additional amounts subject to certain restrictions and other conditions set forth in the DRIP prospectus filed as part of the Company’s effective registration statement on Form S-3 filed with the SEC for the approximately 5.5 million shares of the General Partner’s common stock reserved for issuance under the DRIP. INCENTIVE STOCK PLAN In May 2013, the General Partner established the 2013 Incentive Stock Plan (the “2013 Plan”) under which a total of 4,600,000 shares has been reserved for issuance. In June 2021, stockholders of the Company approved amendments to the 2013 Plan to increase the total shares reserved for issuance under the plan from 4,600,000 to 6,565,000 shares. Stock Options In addition to stock options issued in June 2021 under the 2013 Plan, in March 2021, the General Partner granted 950,000 stock options with an exercise price equal to the closing price of the Company’s common stock on the grant date of $15.79 per share to the chief executive officer as an employment “inducement award” that is intended to comply with New York Stock Exchange Rule 303A.08. The stock options will vest in one-third increments on each of the first three anniversaries of the date of grant, subject to earlier vesting on certain termination events. Information regarding the Company’s stock option plans is summarized below: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s)Outstanding at January 1, 2019 ($17.31) 800,000 $ 17.31 $ 1,824Granted, Lapsed or Cancelled - - Outstanding at December 31, 2019 ($17.31) 800,000 $ 17.31 4,656Granted 172,495 14.39 Outstanding at December 31, 2020 ($14.39 - $17.31) 972,495 $ 16.79 -Granted 1,107,505 16.10 Outstanding at December 31, 2021 ($14.39 - $20.00) 2,080,000 $ 16.42 $ 4,072Options exercisable at December 31, 2021 1,130,000 Available for grant at December 31, 2021 1,633,689 The weighted average fair value of options granted during the year ended December 31, 2021 was $4.18 per option. The fair value of each option grant is estimated on the date of grant using the Black-Scholes model. The following weighted average assumptions are included in the Company’s fair value calculations of stock options granted during the year ended December 31, 2021: 2021 2021 2021 2020 March June regular June premium stock options Expected life (in years)4.5 4.6 5.3 5.3 Risk-free interest rate0.79%0.71%0.94%0.41%Volatility35.0%35.0%34.0%31.0%Dividend yield1.6%1.5%1.4%2.7% There were no stock options that were exercised under any stock option plans for the years ended December 31, 2021, 2020 and 2019. The Company has a policy of issuing new shares to satisfy stock option exercises. As of December 31, 2021 and 2020, the stock options outstanding had a weighted average remaining contractual life of approximately 5.5 years and 3.6 years, respectively. The Company recognized stock options expense of $844 thousand, $446 thousand and zero for the years ended December 31, 2021, 2020 and 2019, respectively. Appreciation-Only LTIP Units In March 2019, the Company granted 625,000 Appreciation-Only LTIP Units (“AO LTIP Units”) which are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into common units of limited partnership interests of the Operating Partnership (the “Common Units”). The AO LTIP Units allow the former executive to earn zero to 100% of the AO LTIP Units granted on a graduated basis of 250,000, 250,000 and 125,000 AO LTIP Units if the fair market value of the Company’s common stock exceeds the threshold levels of $25.00, $28.00 and $31.00 for 30 consecutive days prior to March 13, 2023. Upon conversion of AO LTIP Units to Common Units, a special cash distribution will be granted equal to 10% (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Common Units during the period from the grant date of the AO LTIP Units through the date of conversion in respect of each such AO LTIP Unit, on a per unit basis. The weighted average fair value of the AO LTIP Units granted during the year ended December 31, 2019 was $3.98 per AO LTIP Unit. The fair value of each AO LTIP Unit grant is estimated on the date of grant using the Monte Carlo method. The following weighted average assumptions were included in the Company’s fair value calculations of AO LTIP Units granted during the year ended December 31, 2019: AO LTIP Units Expected life (in years)5.5 - 6.0 Risk-free interest rate2.6%Volatility29.0%Dividend yield3.5% As of December 31, 2021, the Company had $0.7 million of total unrecognized compensation cost related to unvested AO LTIP Units granted under the Company’s stock compensation plans. That cost is expected to be recognized over a remaining weighted average period of 1.2 years. The Company recognized AO LTIP unit expense of $622 thousand, $622 thousand and $498 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. Time-based Restricted Stock Awards and Restricted Stock Units The Company has issued restricted stock units and common stock (“Restricted Stock Awards”) to officers, certain other employees and non-employee members of the Board of Directors of the General Partner, which allow the holders to each receive a certain amount of shares of the General Partner’s common stock generally over a one-year to three-year vesting period. On June 9, 2021, the Company issued Restricted Stock Awards to non-employee members of the Board of Directors of the General Partner which vest within one year, of which 39,529 unvested Restricted Stock Awards were outstanding at December 31, 2021. From July to September, 2021, the Company granted restricted stock units to certain non-executive employees of the Company, which vest after three years, of which 203,663 were outstanding at December 31, 2021. Restricted Stock Awards allow holders to receive shares of the Company’s common stock upon vesting. Vesting of the Restricted Stock Awards issued is based on time and service. All currently outstanding and unvested Restricted Stock Awards provided to the officers, certain other employees, and members of the Board of Directors of the General Partner were issued under the 2013 Plan. Information regarding the Restricted Stock Awards grant activity is summarized below: Weighted-Average Grant – Date Shares Fair ValueOutstanding at January 1, 2019 67,289 $ 22.43Granted 42,690 21.08Vested (65,353) 22.34Forfeited (1,936) 25.83Outstanding at December 31, 2019 42,690 $ 21.08Granted 52,974 15.29Vested (42,690) 21.08Forfeited - -Outstanding at December 31, 2020 52,974 $ 15.29Granted 39,529 17.71Vested (52,974) 15.29Forfeited - - Outstanding at December 31, 2021 39,529 $ 17.71 As of December 31, 2021, the Company had $0.3 million of total unrecognized compensation cost related to unvested Restricted Stock Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 0.4 years. Long-Term Incentive Plan Awards The Company has granted long-term incentive plans awards (“LTIP Awards”) to senior management of the Company, including the General Partner’s executive officers. LTIP Awards generally are granted in the form of LTIP Units, except for awards granted in 2021 which were in the form of restricted stock units (each, an “RSU” and collectively, the “RSU LTIP Awards”) and constitute awards under the 2013 Plan. LTIP Awards are typically issued from the Company’s Outperformance Plan adopted by the General Partner’s Board of Directors. For LTIP Awards granted in 2018, 2019, and 2020, approximately 25 percent to 100 percent of the grant date fair value of the LTIP Awards were in the form of time-based awards that vest after three years and the remaining portion of the grant date fair value of those awards consist of multi-year, market-based awards. Participants of performance-based awards will only earn the full awards if, over the three year performance period, the Company achieves a 36 percent absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index for awards granted in 2018 and 2019 and as compared to the REITs in the NAREIT index for awards granted in 2020. The performance period for the 2018 performance-based awards ended in 2021 and 31.25 percent of LTIP Units vested while the remaining awards were forfeited. In January 2021, the Company granted LTIP Units (the “J Series 2021 LTIP Awards”) under the 2013 Plan. The J Series 2021 LTIP Awards are subject to the achievement of certain sales performance milestones with respect to commercial asset dispositions by the Company over a performance period from August 1, 2020 through December 31, 2022. These sales milestones will be based on the aggregate gross sales prices of the assets, provided that the asset will only be included in the milestone if it is sold for not less than 85% of its estimated net asset value, as defined in the agreement. In 2021, the Company also granted LTIP Units in the form of restricted stock units (each, an “RSU”). Each RSU entitles the holder to one share of the General Partner’s common stock upon settlement. Approximately 292,000 of the RSUs are subject to time-based vesting conditions and will vest in three equal, annual installments over a three year period ending in April 2024. Approximately 453,000 of the RSUs are subject to market-based vesting conditions. Recipients will only earn the full amount of the market-based RSUs if, over the three year performance period, the General Partner achieves a thirty-six percent absolute TSR and if the General Partner’s TSR is in the 75th percentile of performance as compared to a group of 24 peer REITs. Up to an additional approximately 292,000 RSUs were granted subject to the achievement of adjusted funds from operations of $0.60 per share in the fiscal year ending December 31, 2023. The 2021 RSU LTIP Awards are designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period. LTIP Awards are subject to forfeiture depending on the extent that awards vest. The number of market-based and performance-based LTIP Units that actually vest for each award recipient will be determined at the end of the related measurement period. Prior to vesting, recipients of LTIP Units will generally be entitled to receive per unit distributions equal to one-tenth of the regular quarterly distributions payable on a common share but will not be entitled to receive any special distributions. Distributions with respect to the other nine-tenths of regular quarterly distributions payable on a common share will accrue but shall only become payable upon vesting of the LTIP Unit. As of December 31, 2021, the Company had $4.9 million of total unrecognized compensation cost related to unvested LTIP awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 1.5 years. Deferred Stock Compensation Plan For Directors The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non-employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the years ended December 31, 2021, 2020 and 2019, 17,894, 22,086 and 14,337 deferred stock units were earned, respectively. The Company converted 193,949 and 61,277 deferred stock units into shares of common stock during the years ended December 31, 2019 and December 31, 2020, respectively. As of December 31, 2021 and 2020, there were 37,603 and 17,854 deferred stock units outstanding, respectively. EARNINGS PER SHARE/UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In the calculation of basic and diluted EPS and EPU, a redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders or unitholders is included in the calculation to arrive at the numerator of net income (loss) available to common shareholders or unitholders. The following information presents the Company’s results for the years ended December 31, 2021, 2020 and 2019 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts): Veris Residential, Inc.: Year Ended December 31,Computation of Basic EPS 2021 2020 2019Income (loss) from continuing operations$ (149,021) $ (115,499) $ 252,852Add (deduct): Noncontrolling interests in consolidated joint ventures 4,595 2,695 3,904Add (deduct): Noncontrolling interests in Operating Partnership 15,469 13,277 (23,724)Add (deduct): Redeemable noncontrolling interests (25,977) (25,883) (22,615)Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (7,290) (11,814) (25,885)Income (loss) from continuing operations available to common shareholders (162,224) (137,224) 184,532Income (loss) from discontinued operations available to common shareholders 35,892 74,023 (98,556)Net income (loss) available to common shareholders for basic earnings per share$ (126,332) $ (63,201) $ 85,976 Weighted average common shares 90,839 90,648 90,557 Basic EPS: Income (loss) from continuing operations available to common shareholders$ (1.79) $ (1.51) $ 2.04Income (loss) from discontinued operations available to common shareholders 0.40 0.81 (1.09)Net income (loss) available to common shareholders$ (1.39) $ (0.70) $ 0.95 Year Ended December 31,Computation of Diluted EPS 2021 2020 2019Net income (loss) from continuing operations available to common shareholders$ (162,224) $ (137,224) $ 184,532Add (deduct): Noncontrolling interests in Operating Partnership (15,469) (13,277) 23,724Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (726) (1,254) (2,855)Income (loss) from continuing operations for diluted earnings per share (178,419) (151,755) 205,401Income (loss) from discontinued operations for diluted earnings per share 39,482 81,901 (109,016)Net income (loss) available for diluted earnings per share$ (138,937) $ (69,854) $ 96,385 Weighted average common shares 99,893 100,260 100,689 Diluted EPS: Income (loss) from continuing operations available to common shareholders$ (1.79) $ (1.51) $ 2.04Income (loss) from discontinued operations available to common shareholders 0.40 0.81 (1.09)Net (income) loss available to common shareholders$ (1.39) $ (0.70) $ 0.95 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands): Year Ended December 31, 2021 2020 2019Basic EPS shares 90,839 90,648 90,557 Add: Operating Partnership – common and vested LTIP units 9,054 9,612 9,963 Stock Options - - 169 Diluted EPS Shares 99,893 100,260 100,689 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator in the years ended December 31, 2021 and 2020 as such securities were anti-dilutive during the period. Also not included in the computations of diluted EPS were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Units outstanding as of December 31, 2021, 2020 and 2019 were 1,246,752, 1,722,929 and 1,826,331, respectively. Unvested restricted stock outstanding as of December 31, 2021, 2020 and 2019 were 39,529, 52,974 and 42,690 shares, respectively. Unvested AO LTIP Units outstanding as of each of December 31, 2021, 2020 and 2019 were 625,000. Dividends declared per common share for the years ended December 31, 2021, 2020 and 2019 were zero, $0.40 and $0.80 per share, respectively. Veris Residential, L.P.: Year Ended December 31,Computation of Basic EPU 2021 2020 2019Income (loss) from continuing operations $ (149,021) $ (115,499) $ 252,852Add (deduct): Noncontrolling interests in consolidated joint ventures 4,595 2,695 3,904Add (deduct): Redeemable noncontrolling interests (25,977) (25,883) (22,615)Add (deduct): Redemption value adjustment of redeemable noncontrolling interests (8,016) (13,068) (28,740)Income (loss) from continuing operations available to unitholders (178,419) (151,755) 205,401Income (loss) from discontinued operations available to unitholders 39,482 81,901 (109,016)Net income (loss) available to common unitholders for basic earnings per unit $ (138,937) $ (69,854) $ 96,385 Weighted average common units 99,893 100,260 100,520 Basic EPU: Income (loss) from continuing operations available to unitholders $(1.79) $(1.51) $2.04Income (loss) from discontinued operations available to unitholders 0.40 0.81 (1.09)Net income (loss) available to common unitholders for basic earnings per unit $(1.39) $(0.70) $ 0.95 Year Ended December 31,Computation of Diluted EPU 2021 2020 2019Net income (loss) from continuing operations available to common unitholders $ (178,419) $ (151,755) $ 205,401Income (loss) from discontinued operations for diluted earnings per unit 39,482 81,901 (109,016)Net income (loss) available to common unitholders for diluted earnings per unit $ (138,937) $(69,854) $ 96,385 Weighted average common unit 99,893 100,260 100,689 Diluted EPU: Income (loss) from continuing operations available to common unitholders $(1.79) $(1.51) $2.04Income (loss) from discontinued operations available to common unitholders 0.40 0.81 (1.09)Net income (loss) available to common unitholders $(1.39) $(0.70) $ 0.95 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands): Year Ended December 31, 2021 2020 2019Basic EPU units 99,893 100,260 100,520 Add: Stock Options - - 169 Diluted EPU Units 99,893 100,260 100,689 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator in the years ended December 31, 2021 and 2020 as such securities were anti-dilutive during the period. Also not included in the computations of diluted EPU were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Units outstanding as of December 31, 2021, 2020 and 2019 were 1,246,752, 1,722,929 and 1,826,331, respectively. Unvested restricted stock outstanding as of December 31, 2021, 2020 and 2019 were 39,529, 52,974 and 42,690 shares, respectively. Unvested AO LTIP Units outstanding as of each of December 31, 2021, 2020 and 2019 were 625,000. Distributions declared per common unit for the years ended December 31, 2021, 2020 and 2019 were zero, $0.40 and $0.80 per unit, respectively. |
VERIS RESIDENTIAL, L.P. [Member] | |
Stockholders Equity [Line Items] | |
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital | 16. VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL To maintain its qualification as a REIT, not more than 50 percent in value of the outstanding shares of the General Partner may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any taxable year of the General Partner, other than its initial taxable year (defined to include certain entities), applying certain constructive ownership rules. To help ensure that the General Partner will not fail this test, the General Partner’s Charter provides, among other things, certain restrictions on the transfer of common stock to prevent further concentration of stock ownership. Moreover, to evidence compliance with these requirements, the General Partner must maintain records that disclose the actual ownership of its outstanding common stock and demands written statements each year from the holders of record of designated percentages of its common stock requesting the disclosure of the beneficial owners of such common stock. Partners’ Capital in the accompanying consolidated financial statements relates to (a) General Partners’ capital consisting of common units in the Operating Partnership held by the General Partner, and (b) Limited Partners’ capital consisting of common units and LTIP units held by the limited partners. See Note 17: Noncontrolling Interests in Subsidiaries. Any transactions resulting in the issuance of additional common and preferred stock of the General Partner result in a corresponding issuance by the Operating Partnership of an equivalent amount of common and preferred units to the General Partner. ATM PROGRAM On December 13, 2021, the Company entered into a distribution agreement (the “Distribution Agreement”) with J.P. Morgan Securities LLC, BofA Securities, Inc., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Comerica Securities, Inc., Goldman Sachs & Co. LLC, R. Seelaus & Co., LLC and Samuel A. Ramirez & Company, Inc., as sales agents. Pursuant to the Distribution Agreement, the Company may issue and sell, from time to time, shares of common stock, par value $0.01 per share, having a combined aggregate offering price of up to $200 million. The Company will pay a commission that will not exceed, but may be lower than, 2% of the gross proceeds of all shares sold through the ATM Program. As of December 31, 2021, the Company had not sold any shares pursuant to the ATM Program. DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN The General Partner has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”) which commenced in March 1999 under which approximately 5.5 million shares of the General Partner’s common stock have been reserved for future issuance. The DRIP provides for automatic reinvestment of all or a portion of a participant’s dividends from the General Partner’s shares of common stock. The DRIP also permits participants to make optional cash investments up to $5,000 a month without restriction and, if the Company waives this limit, for additional amounts subject to certain restrictions and other conditions set forth in the DRIP prospectus filed as part of the Company’s effective registration statement on Form S-3 filed with the SEC for the approximately 5.5 million shares of the General Partner’s common stock reserved for issuance under the DRIP. INCENTIVE STOCK PLAN In May 2013, the General Partner established the 2013 Incentive Stock Plan (the “2013 Plan”) under which a total of 4,600,000 shares has been reserved for issuance. In June 2021, stockholders of the Company approved amendments to the 2013 Plan to increase the total shares reserved for issuance under the plan from 4,600,000 to 6,565,000 shares. Stock Options In addition to stock options issued in June 2021 under the 2013 Plan, in March 2021, the General Partner granted 950,000 stock options with an exercise price equal to the closing price of the Company’s common stock on the grant date of $15.79 per share to the chief executive officer as an employment “inducement award” that is intended to comply with New York Stock Exchange Rule 303A.08. The stock options will vest in one-third increments on each of the first three anniversaries of the date of grant, subject to earlier vesting on certain termination events. Information regarding the Company’s stock option plans is summarized below: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s)Outstanding at January 1, 2019 ($17.31) 800,000 $ 17.31 $ 1,824Granted, Lapsed or Cancelled - - Outstanding at December 31, 2019 ($17.31) 800,000 $ 17.31 4,656Granted 172,495 14.39 Outstanding at December 31, 2020 ($14.39 - $17.31) 972,495 $ 16.79 -Granted 1,107,505 16.10 Outstanding at December 31, 2021 ($14.39 - $20.00) 2,080,000 $ 16.42 $ 4,072Options exercisable at December 31, 2021 1,130,000 Available for grant at December 31, 2021 1,633,689 The weighted average fair value of options granted during the year ended December 31, 2021 was $4.18 per option. The fair value of each option grant is estimated on the date of grant using the Black-Scholes model. The following weighted average assumptions are included in the Company’s fair value calculations of stock options granted during the year ended December 31, 2021: 2021 2021 2021 2020 March June regular June premium stock options Expected life (in years)4.5 4.6 5.3 5.3 Risk-free interest rate0.79%0.71%0.94%0.41%Volatility35.0%35.0%34.0%31.0%Dividend yield1.6%1.5%1.4%2.7% There were no stock options that were exercised under any stock option plans for the years ended December 31, 2021, 2020 and 2019. The Company has a policy of issuing new shares to satisfy stock option exercises. As of December 31, 2021 and 2020, the stock options outstanding had a weighted average remaining contractual life of approximately 5.5 years and 3.6 years, respectively. The Company recognized stock options expense of $844 thousand, $446 thousand and zero for the years ended December 31, 2021, 2020 and 2019, respectively. Appreciation-Only LTIP Units In March 2019, the Company granted 625,000 Appreciation-Only LTIP Units (“AO LTIP Units”) which are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into common units of limited partnership interests of the Operating Partnership (the “Common Units”). The AO LTIP Units allow the former executive to earn zero to 100% of the AO LTIP Units granted on a graduated basis of 250,000, 250,000 and 125,000 AO LTIP Units if the fair market value of the Company’s common stock exceeds the threshold levels of $25.00, $28.00 and $31.00 for 30 consecutive days prior to March 13, 2023. Upon conversion of AO LTIP Units to Common Units, a special cash distribution will be granted equal to 10% (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Common Units during the period from the grant date of the AO LTIP Units through the date of conversion in respect of each such AO LTIP Unit, on a per unit basis. The weighted average fair value of the AO LTIP Units granted during the year ended December 31, 2019 was $3.98 per AO LTIP Unit. The fair value of each AO LTIP Unit grant is estimated on the date of grant using the Monte Carlo method. The following weighted average assumptions were included in the Company’s fair value calculations of AO LTIP Units granted during the year ended December 31, 2019: AO LTIP Units Expected life (in years)5.5 - 6.0 Risk-free interest rate2.6%Volatility29.0%Dividend yield3.5% As of December 31, 2021, the Company had $0.7 million of total unrecognized compensation cost related to unvested AO LTIP Units granted under the Company’s stock compensation plans. That cost is expected to be recognized over a remaining weighted average period of 1.2 years. The Company recognized AO LTIP unit expense of $622 thousand, $622 thousand and $498 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. Time-based Restricted Stock Awards and Restricted Stock Units The Company has issued restricted stock units and common stock (“Restricted Stock Awards”) to officers, certain other employees and non-employee members of the Board of Directors of the General Partner, which allow the holders to each receive a certain amount of shares of the General Partner’s common stock generally over a one-year to three-year vesting period. On June 9, 2021, the Company issued Restricted Stock Awards to non-employee members of the Board of Directors of the General Partner which vest within one year, of which 39,529 unvested Restricted Stock Awards were outstanding at December 31, 2021. From July to September, 2021, the Company granted restricted stock units to certain non-executive employees of the Company, which vest after three years, of which 203,663 were outstanding at December 31, 2021. Restricted Stock Awards allow holders to receive shares of the Company’s common stock upon vesting. Vesting of the Restricted Stock Awards issued is based on time and service. All currently outstanding and unvested Restricted Stock Awards provided to the officers, certain other employees, and members of the Board of Directors of the General Partner were issued under the 2013 Plan. Information regarding the Restricted Stock Awards grant activity is summarized below: Weighted-Average Grant – Date Shares Fair ValueOutstanding at January 1, 2019 67,289 $ 22.43Granted 42,690 21.08Vested (65,353) 22.34Forfeited (1,936) 25.83Outstanding at December 31, 2019 42,690 $ 21.08Granted 52,974 15.29Vested (42,690) 21.08Forfeited - -Outstanding at December 31, 2020 52,974 $ 15.29Granted 39,529 17.71Vested (52,974) 15.29Forfeited - - Outstanding at December 31, 2021 39,529 $ 17.71 As of December 31, 2021, the Company had $0.3 million of total unrecognized compensation cost related to unvested Restricted Stock Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 0.4 years. Long-Term Incentive Plan Awards The Company has granted long-term incentive plans awards (“LTIP Awards”) to senior management of the Company, including the General Partner’s executive officers. LTIP Awards generally are granted in the form of LTIP Units, except for awards granted in 2021 which were in the form of restricted stock units (each, an “RSU” and collectively, the “RSU LTIP Awards”) and constitute awards under the 2013 Plan. LTIP Awards are typically issued from the Company’s Outperformance Plan adopted by the General Partner’s Board of Directors. For LTIP Awards granted in 2018, 2019, and 2020, approximately 25 percent to 100 percent of the grant date fair value of the LTIP Awards were in the form of time-based awards that vest after three years and the remaining portion of the grant date fair value of those awards consist of multi-year, market-based awards. Participants of performance-based awards will only earn the full awards if, over the three year performance period, the Company achieves a 36 percent absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index for awards granted in 2018 and 2019 and as compared to the REITs in the NAREIT index for awards granted in 2020. The performance period for the 2018 performance-based awards ended in 2021 and 31.25 percent of LTIP Units vested while the remaining awards were forfeited. In January 2021, the Company granted LTIP Units (the “J Series 2021 LTIP Awards”) under the 2013 Plan. The J Series 2021 LTIP Awards are subject to the achievement of certain sales performance milestones with respect to commercial asset dispositions by the Company over a performance period from August 1, 2020 through December 31, 2022. These sales milestones will be based on the aggregate gross sales prices of the assets, provided that the asset will only be included in the milestone if it is sold for not less than 85% of its estimated net asset value, as defined in the agreement. In 2021, the Company also granted LTIP Units in the form of restricted stock units (each, an “RSU”). Each RSU entitles the holder to one share of the General Partner’s common stock upon settlement. Approximately 292,000 of the RSUs are subject to time-based vesting conditions and will vest in three equal, annual installments over a three year period ending in April 2024. Approximately 453,000 of the RSUs are subject to market-based vesting conditions. Recipients will only earn the full amount of the market-based RSUs if, over the three year performance period, the General Partner achieves a thirty-six percent absolute TSR and if the General Partner’s TSR is in the 75th percentile of performance as compared to a group of 24 peer REITs. Up to an additional approximately 292,000 RSUs were granted subject to the achievement of adjusted funds from operations of $0.60 per share in the fiscal year ending December 31, 2023. The 2021 RSU LTIP Awards are designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period. LTIP Awards are subject to forfeiture depending on the extent that awards vest. The number of market-based and performance-based LTIP Units that actually vest for each award recipient will be determined at the end of the related measurement period. Prior to vesting, recipients of LTIP Units will generally be entitled to receive per unit distributions equal to one-tenth of the regular quarterly distributions payable on a common share but will not be entitled to receive any special distributions. Distributions with respect to the other nine-tenths of regular quarterly distributions payable on a common share will accrue but shall only become payable upon vesting of the LTIP Unit. As of December 31, 2021, the Company had $4.9 million of total unrecognized compensation cost related to unvested LTIP awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 1.5 years. Deferred Stock Compensation Plan For Directors The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non-employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the years ended December 31, 2021, 2020 and 2019, 17,894, 22,086 and 14,337 deferred stock units were earned, respectively. The Company converted 193,949 and 61,277 deferred stock units into shares of common stock during the years ended December 31, 2019 and December 31, 2020, respectively. As of December 31, 2021 and 2020, there were 37,603 and 17,854 deferred stock units outstanding, respectively. EARNINGS PER SHARE/UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In the calculation of basic and diluted EPS and EPU, a redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders or unitholders is included in the calculation to arrive at the numerator of net income (loss) available to common shareholders or unitholders. The following information presents the Company’s results for the years ended December 31, 2021, 2020 and 2019 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts): Veris Residential, Inc.: Year Ended December 31,Computation of Basic EPS 2021 2020 2019Income (loss) from continuing operations$ (149,021) $ (115,499) $ 252,852Add (deduct): Noncontrolling interests in consolidated joint ventures 4,595 2,695 3,904Add (deduct): Noncontrolling interests in Operating Partnership 15,469 13,277 (23,724)Add (deduct): Redeemable noncontrolling interests (25,977) (25,883) (22,615)Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (7,290) (11,814) (25,885)Income (loss) from continuing operations available to common shareholders (162,224) (137,224) 184,532Income (loss) from discontinued operations available to common shareholders 35,892 74,023 (98,556)Net income (loss) available to common shareholders for basic earnings per share$ (126,332) $ (63,201) $ 85,976 Weighted average common shares 90,839 90,648 90,557 Basic EPS: Income (loss) from continuing operations available to common shareholders$ (1.79) $ (1.51) $ 2.04Income (loss) from discontinued operations available to common shareholders 0.40 0.81 (1.09)Net income (loss) available to common shareholders$ (1.39) $ (0.70) $ 0.95 Year Ended December 31,Computation of Diluted EPS 2021 2020 2019Net income (loss) from continuing operations available to common shareholders$ (162,224) $ (137,224) $ 184,532Add (deduct): Noncontrolling interests in Operating Partnership (15,469) (13,277) 23,724Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (726) (1,254) (2,855)Income (loss) from continuing operations for diluted earnings per share (178,419) (151,755) 205,401Income (loss) from discontinued operations for diluted earnings per share 39,482 81,901 (109,016)Net income (loss) available for diluted earnings per share$ (138,937) $ (69,854) $ 96,385 Weighted average common shares 99,893 100,260 100,689 Diluted EPS: Income (loss) from continuing operations available to common shareholders$ (1.79) $ (1.51) $ 2.04Income (loss) from discontinued operations available to common shareholders 0.40 0.81 (1.09)Net (income) loss available to common shareholders$ (1.39) $ (0.70) $ 0.95 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands): Year Ended December 31, 2021 2020 2019Basic EPS shares 90,839 90,648 90,557 Add: Operating Partnership – common and vested LTIP units 9,054 9,612 9,963 Stock Options - - 169 Diluted EPS Shares 99,893 100,260 100,689 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator in the years ended December 31, 2021 and 2020 as such securities were anti-dilutive during the period. Also not included in the computations of diluted EPS were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Units outstanding as of December 31, 2021, 2020 and 2019 were 1,246,752, 1,722,929 and 1,826,331, respectively. Unvested restricted stock outstanding as of December 31, 2021, 2020 and 2019 were 39,529, 52,974 and 42,690 shares, respectively. Unvested AO LTIP Units outstanding as of each of December 31, 2021, 2020 and 2019 were 625,000. Dividends declared per common share for the years ended December 31, 2021, 2020 and 2019 were zero, $0.40 and $0.80 per share, respectively. Veris Residential, L.P.: Year Ended December 31,Computation of Basic EPU 2021 2020 2019Income (loss) from continuing operations $ (149,021) $ (115,499) $ 252,852Add (deduct): Noncontrolling interests in consolidated joint ventures 4,595 2,695 3,904Add (deduct): Redeemable noncontrolling interests (25,977) (25,883) (22,615)Add (deduct): Redemption value adjustment of redeemable noncontrolling interests (8,016) (13,068) (28,740)Income (loss) from continuing operations available to unitholders (178,419) (151,755) 205,401Income (loss) from discontinued operations available to unitholders 39,482 81,901 (109,016)Net income (loss) available to common unitholders for basic earnings per unit $ (138,937) $ (69,854) $ 96,385 Weighted average common units 99,893 100,260 100,520 Basic EPU: Income (loss) from continuing operations available to unitholders $(1.79) $(1.51) $2.04Income (loss) from discontinued operations available to unitholders 0.40 0.81 (1.09)Net income (loss) available to common unitholders for basic earnings per unit $(1.39) $(0.70) $ 0.95 Year Ended December 31,Computation of Diluted EPU 2021 2020 2019Net income (loss) from continuing operations available to common unitholders $ (178,419) $ (151,755) $ 205,401Income (loss) from discontinued operations for diluted earnings per unit 39,482 81,901 (109,016)Net income (loss) available to common unitholders for diluted earnings per unit $ (138,937) $(69,854) $ 96,385 Weighted average common unit 99,893 100,260 100,689 Diluted EPU: Income (loss) from continuing operations available to common unitholders $(1.79) $(1.51) $2.04Income (loss) from discontinued operations available to common unitholders 0.40 0.81 (1.09)Net income (loss) available to common unitholders $(1.39) $(0.70) $ 0.95 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands): Year Ended December 31, 2021 2020 2019Basic EPU units 99,893 100,260 100,520 Add: Stock Options - - 169 Diluted EPU Units 99,893 100,260 100,689 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator in the years ended December 31, 2021 and 2020 as such securities were anti-dilutive during the period. Also not included in the computations of diluted EPU were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Units outstanding as of December 31, 2021, 2020 and 2019 were 1,246,752, 1,722,929 and 1,826,331, respectively. Unvested restricted stock outstanding as of December 31, 2021, 2020 and 2019 were 39,529, 52,974 and 42,690 shares, respectively. Unvested AO LTIP Units outstanding as of each of December 31, 2021, 2020 and 2019 were 625,000. Distributions declared per common unit for the years ended December 31, 2021, 2020 and 2019 were zero, $0.40 and $0.80 per unit, respectively. |
Noncontrolling Interests In Sub
Noncontrolling Interests In Subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interests In Subsidiaries | 17. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units (“Common Units”) and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”), and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interests unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying value of the noncontrolling interests shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of equity transactions which caused changes in ownership percentages between Veris Residential, Inc. stockholders’ equity and noncontrolling interests in the Operating Partnership that occurred during the year ended December 31, 2021, the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Veris Residential, Inc. stockholders’ equity by approximately $1.4 million as of December 31, 2021. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units During the year ended December 31, 2021, the Company redeemed 678,302 common units at their fair market value of $10.5 million, which was included as part of the buyer’s purchase consideration in the disposition of an office property in January 2021. See Note 3: Recent Transactions. During the year ended December 31, 2021, the Company redeemed for cash 53,000 common units at their fair value of $0.9 million. Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the General Partner have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the General Partner’s Common Stock, or cash equal to the fair market value of a share of the General Partner’s Common Stock at the time of redemption, for each common unit. The General Partner, in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the General Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interests in the Operating Partnership is reduced and Veris Residential, Inc. Stockholders’ equity is increased. LTIP Units On March 8, 2016, the Company granted 2016 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 4, 2017, the Company granted 2017 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 20, 2018, the Company granted 2018 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On March 22, 2019, the Company granted 2019 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On March 24, 2020, the Company granted 2020 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On January 4, 2021, the Company granted J Series 2021 LTIP Awards to one of the General Partner’s executive officers. All of the 2016 LTIP Awards, 2017 LTIP Awards, 2018 LTIP Awards,2019 LTIP Awards. 2020 LTIP Awards and J Series 2021 LTIP Awards are in the form of units in the Operating Partnership. See Note 16: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital – Long-Term Incentive Plan Awards. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. As a general matter, the profits interests characteristics of the LTIP Units mean that initially they will not be economically equivalent in value to a common unit. If and when events specified by applicable tax regulations occur, LTIP Units can over time increase in value up to the point where they are equivalent to common units on a one-for-one basis. After LTIP Units are fully vested, and to the extent the special tax rules applicable to profits interests have allowed them to become equivalent in value to common units, LTIP Units may be converted on a one-for-one basis into common units. Common units in turn have a one-for-one relationship in value with shares of the General Partner’s common stock, and are redeemable on a one-for-one basis for cash or, at the election of the Company, shares of the General Partner’s common stock. AO LTIP Units (Appreciation-Only LTIP Units) On March 13, 2019, the Company granted 625,000 AO LTIP Units to Mr. DeMarco pursuant to the AO Long-Term Incentive Plan Award Agreement. See Note 16: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital – AO LTIP Units (Appreciation-Only LTIP Units). AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profit interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a share of Common Stock exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Common Units. The number of Common Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the fair market value of the Common Stock on the conversion date over the threshold level designated at the time the AO LTIP Unit was granted, divided by (ii) the fair market value of the Common Stock on the conversion date. AO LTIP Units, once vested, have a finite term during which they may be converted into Common Units, not in excess of ten years from the grant date of the AO LTIP Units. Unit Transactions The following table sets forth the changes in noncontrolling interests in subsidiaries which relate to the common units and LTIP units in the Operating Partnership for the years ended December 31, 2021, 2020 and 2019: Common Units/Unvested LTIP Vested LTIP UnitsUnitsBalance at January 1, 2019 10,229,349 1,707,106Redemption of common units for shares of common stock (38,011) -Redemption of common units (665,918) -Conversion of vested LTIP units to common units 18,438 -Vested LTIP units 68,206 (86,644)Issuance of units - 565,623Cancellation of units - (359,754) Balance at December 31, 2019 9,612,064 1,826,331 Redemption of common units for shares of common stock - -Redemption of common units (138,615) -Conversion of vested LTIP units to common units 38,626 Vested LTIP units 136,957 (175,583)Issuance of units - 1,287,568Cancellation of units (1) (1,215,387) Balance at December 31, 2020 9,649,031 1,722,929 Redemption of common units for shares of common stock (175,257) -Redemption of common units (730,850) -Conversion of vested LTIP units to common units 205,434 -Vested LTIP units 65,176 (270,610)Issuance of units - 334,449Cancellation of units - (540,016) Balance at December 31, 2021 9,013,534 1,246,752 Noncontrolling Interests Ownership in Operating Partnership As of December 31, 2021 and 2020, the noncontrolling interests common unitholders owned 9.0 percent and 9.6 percent of the Operating Partnership, respectively. NONCONTROLLING INTERESTS IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership) The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in a potential future development provides for the initial distributions of net cash flow solely to the Company, and thereafter, other parties have participation rights in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum. |
VERIS RESIDENTIAL, L.P. [Member] | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interests In Subsidiaries | 17. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units (“Common Units”) and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”), and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interests unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying value of the noncontrolling interests shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of equity transactions which caused changes in ownership percentages between Veris Residential, Inc. stockholders’ equity and noncontrolling interests in the Operating Partnership that occurred during the year ended December 31, 2021, the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Veris Residential, Inc. stockholders’ equity by approximately $1.4 million as of December 31, 2021. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units During the year ended December 31, 2021, the Company redeemed 678,302 common units at their fair market value of $10.5 million, which was included as part of the buyer’s purchase consideration in the disposition of an office property in January 2021. See Note 3: Recent Transactions. During the year ended December 31, 2021, the Company redeemed for cash 53,000 common units at their fair value of $0.9 million. Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the General Partner have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the General Partner’s Common Stock, or cash equal to the fair market value of a share of the General Partner’s Common Stock at the time of redemption, for each common unit. The General Partner, in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the General Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interests in the Operating Partnership is reduced and Veris Residential, Inc. Stockholders’ equity is increased. LTIP Units On March 8, 2016, the Company granted 2016 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 4, 2017, the Company granted 2017 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 20, 2018, the Company granted 2018 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On March 22, 2019, the Company granted 2019 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On March 24, 2020, the Company granted 2020 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On January 4, 2021, the Company granted J Series 2021 LTIP Awards to one of the General Partner’s executive officers. All of the 2016 LTIP Awards, 2017 LTIP Awards, 2018 LTIP Awards,2019 LTIP Awards. 2020 LTIP Awards and J Series 2021 LTIP Awards are in the form of units in the Operating Partnership. See Note 16: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital – Long-Term Incentive Plan Awards. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. As a general matter, the profits interests characteristics of the LTIP Units mean that initially they will not be economically equivalent in value to a common unit. If and when events specified by applicable tax regulations occur, LTIP Units can over time increase in value up to the point where they are equivalent to common units on a one-for-one basis. After LTIP Units are fully vested, and to the extent the special tax rules applicable to profits interests have allowed them to become equivalent in value to common units, LTIP Units may be converted on a one-for-one basis into common units. Common units in turn have a one-for-one relationship in value with shares of the General Partner’s common stock, and are redeemable on a one-for-one basis for cash or, at the election of the Company, shares of the General Partner’s common stock. AO LTIP Units (Appreciation-Only LTIP Units) On March 13, 2019, the Company granted 625,000 AO LTIP Units to Mr. DeMarco pursuant to the AO Long-Term Incentive Plan Award Agreement. See Note 16: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital – AO LTIP Units (Appreciation-Only LTIP Units). AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profit interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a share of Common Stock exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Common Units. The number of Common Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the fair market value of the Common Stock on the conversion date over the threshold level designated at the time the AO LTIP Unit was granted, divided by (ii) the fair market value of the Common Stock on the conversion date. AO LTIP Units, once vested, have a finite term during which they may be converted into Common Units, not in excess of ten years from the grant date of the AO LTIP Units. Unit Transactions The following table sets forth the changes in noncontrolling interests in subsidiaries which relate to the common units and LTIP units in the Operating Partnership for the years ended December 31, 2021, 2020 and 2019: Common Units/Unvested LTIP Vested LTIP UnitsUnitsBalance at January 1, 2019 10,229,349 1,707,106Redemption of common units for shares of common stock (38,011) -Redemption of common units (665,918) -Conversion of vested LTIP units to common units 18,438 -Vested LTIP units 68,206 (86,644)Issuance of units - 565,623Cancellation of units - (359,754) Balance at December 31, 2019 9,612,064 1,826,331 Redemption of common units for shares of common stock - -Redemption of common units (138,615) -Conversion of vested LTIP units to common units 38,626 Vested LTIP units 136,957 (175,583)Issuance of units - 1,287,568Cancellation of units (1) (1,215,387) Balance at December 31, 2020 9,649,031 1,722,929 Redemption of common units for shares of common stock (175,257) -Redemption of common units (730,850) -Conversion of vested LTIP units to common units 205,434 -Vested LTIP units 65,176 (270,610)Issuance of units - 334,449Cancellation of units - (540,016) Balance at December 31, 2021 9,013,534 1,246,752 Noncontrolling Interests Ownership in Operating Partnership As of December 31, 2021 and 2020, the noncontrolling interests common unitholders owned 9.0 percent and 9.6 percent of the Operating Partnership, respectively. NONCONTROLLING INTERESTS IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership) The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in a potential future development provides for the initial distributions of net cash flow solely to the Company, and thereafter, other parties have participation rights in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |
Segment Reporting | 18. SEGMENT REPORTING The Company operates in two business segments: (i) multifamily real estate and services and (ii) commercial and other real estate. The Company provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate and multifamily real estate portfolio. The Company’s multifamily services business also provides similar services for third parties. The Company had no revenues from foreign countries recorded for the years ended December 31, 2021, 2020 and 2019. The Company had no long lived assets in foreign locations as of December 31, 2021 and 2020. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization. The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (commercial and other real estate, and multifamily real estate and services). All properties classified as discontinued operations have been excluded. Selected results of operations for the years ended December 31, 2021, 2020 and 2019, and selected asset information as of December 31, 2021 and 2020 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands): Commercial Multifamily Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) CompanyTotal revenues: 2021$ 159,532 $ 171,030 $ (1,245) $ 329,317 2020 155,045 156,841 1,676 313,562 2019 184,966 170,833 1,403 357,202 Total operating and interest expenses (a): 2021$ 64,409 $ 108,197 $ 108,850 $ 281,456 2020 73,160 95,631 127,184 295,975 2019 80,018 89,512 127,425 296,955 Equity in earnings (loss) of unconsolidated joint ventures: 2021$ (111) $ (4,140) $ $ (4,251)2020 (2,254) (1,578) - (3,832)2019 (1,194) (125) - (1,319) Net operating income (loss) (b): Three months ended: 2021$ 95,012 $ 58,693 $ (110,095) $ 43,610 2020 79,631 59,632 (125,508) 13,755 2019 103,754 81,196 (126,022) 58,928 Total assets: 2021$ 1,216,717 $ 3,294,226 $ 16,375 $ 4,527,318 2020 1,881,161 3,249,516 17,109 5,147,786 Total long-lived assets (c): 2021$ 1,087,198 $ 3,098,492 $ (1,309) $ 4,184,381 2020 1,693,054 3,035,485 (1,411) 4,727,128 Total investments in unconsolidated joint ventures: 2021$ - $ 137,772 $ - $ 137,772 2020 5,555 156,827 - 162,382 (a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition-related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.(b)Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.(c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d)Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations.(e)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Veris Residential, Inc. The following schedule reconciles net operating income to net income available to common shareholders (dollars in thousands): Year Ended December 31, 2021 2020 2019Net operating income$ 43,610 $ 13,755 $ 58,928Add (deduct): Depreciation and amortization (111,618) (122,035) (133,597)Land and other impairments, net (23,719) (16,817) (32,444)Property impairments (13,467) (36,582) -Gain on change of control of interests - - 13,790Realized gains (losses) and unrealized losses on disposition of rental property, net 3,022 5,481 343,102Gain on disposition of developable land 2,115 5,787 522Gain on sale from unconsolidated joint ventures (1,886) 35,184 903Gain (loss) from extinguishment of debt, net (47,078) (272) 1,648Income (loss) from continuing operations (149,021) (115,499) 252,852Discontinued operations Income from discontinued operations 13,930 70,700 24,334Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 25,552 11,201 (133,350)Total discontinued operations, net 39,482 81,901 (109,016)Net income (loss) (109,539) (33,598) 143,836Noncontrolling interests in consolidated joint ventures 4,595 2,695 3,904Noncontrolling interests in Operating Partnership 15,469 13,277 (23,724)Noncontrolling interest in discontinued operations (3,590) (7,878) 10,460Redeemable noncontrolling interests (25,977) (25,883) (22,615)Net income (loss) available to common shareholders$ (119,042) $ (51,387) $ 111,861 Veris Residential, L.P. The following schedule reconciles net operating income to net income available to common unitholders (dollars in thousands): Year Ended December 31, 2021 2020 2019Net operating income$ 43,610 $ 13,755 $ 58,928Add (deduct): Depreciation and amortization (111,618) (122,035) (133,597)Land and other impairments, net (23,719) (16,817) (32,444)Property impairments (13,467) (36,582) -Gain on change of control of interests - - 13,790Realized gains (losses) and unrealized losses on disposition of rental property, net 3,022 5,481 343,102Gain on disposition of developable land 2,115 5,787 522Gain on sale from unconsolidated joint ventures (1,886) 35,184 903Gain (loss) from extinguishment of debt, net (47,078) (272) 1,648Income (loss) from continuing operations (149,021) (115,499) 252,852Discontinued operations Income from discontinued operations 13,930 70,700 24,334Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 25,552 11,201 (133,350)Total discontinued operations, net 39,482 81,901 (109,016)Net income (loss) (109,539) (33,598) 143,836Noncontrolling interests in consolidated joint ventures 4,595 2,695 3,904Redeemable noncontrolling interests (25,977) (25,883) (22,615)Net income (loss) available to common unitholders$ (130,921) $ (56,786) $ 125,125 |
VERIS RESIDENTIAL, L.P. [Member] | |
Segment Reporting Information [Line Items] | |
Segment Reporting | 18. SEGMENT REPORTING The Company operates in two business segments: (i) multifamily real estate and services and (ii) commercial and other real estate. The Company provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate and multifamily real estate portfolio. The Company’s multifamily services business also provides similar services for third parties. The Company had no revenues from foreign countries recorded for the years ended December 31, 2021, 2020 and 2019. The Company had no long lived assets in foreign locations as of December 31, 2021 and 2020. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization. The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (commercial and other real estate, and multifamily real estate and services). All properties classified as discontinued operations have been excluded. Selected results of operations for the years ended December 31, 2021, 2020 and 2019, and selected asset information as of December 31, 2021 and 2020 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands): Commercial Multifamily Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) CompanyTotal revenues: 2021$ 159,532 $ 171,030 $ (1,245) $ 329,317 2020 155,045 156,841 1,676 313,562 2019 184,966 170,833 1,403 357,202 Total operating and interest expenses (a): 2021$ 64,409 $ 108,197 $ 108,850 $ 281,456 2020 73,160 95,631 127,184 295,975 2019 80,018 89,512 127,425 296,955 Equity in earnings (loss) of unconsolidated joint ventures: 2021$ (111) $ (4,140) $ $ (4,251)2020 (2,254) (1,578) - (3,832)2019 (1,194) (125) - (1,319) Net operating income (loss) (b): Three months ended: 2021$ 95,012 $ 58,693 $ (110,095) $ 43,610 2020 79,631 59,632 (125,508) 13,755 2019 103,754 81,196 (126,022) 58,928 Total assets: 2021$ 1,216,717 $ 3,294,226 $ 16,375 $ 4,527,318 2020 1,881,161 3,249,516 17,109 5,147,786 Total long-lived assets (c): 2021$ 1,087,198 $ 3,098,492 $ (1,309) $ 4,184,381 2020 1,693,054 3,035,485 (1,411) 4,727,128 Total investments in unconsolidated joint ventures: 2021$ - $ 137,772 $ - $ 137,772 2020 5,555 156,827 - 162,382 (a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition-related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.(b)Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.(c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d)Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations.(e)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Veris Residential, Inc. The following schedule reconciles net operating income to net income available to common shareholders (dollars in thousands): Year Ended December 31, 2021 2020 2019Net operating income$ 43,610 $ 13,755 $ 58,928Add (deduct): Depreciation and amortization (111,618) (122,035) (133,597)Land and other impairments, net (23,719) (16,817) (32,444)Property impairments (13,467) (36,582) -Gain on change of control of interests - - 13,790Realized gains (losses) and unrealized losses on disposition of rental property, net 3,022 5,481 343,102Gain on disposition of developable land 2,115 5,787 522Gain on sale from unconsolidated joint ventures (1,886) 35,184 903Gain (loss) from extinguishment of debt, net (47,078) (272) 1,648Income (loss) from continuing operations (149,021) (115,499) 252,852Discontinued operations Income from discontinued operations 13,930 70,700 24,334Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 25,552 11,201 (133,350)Total discontinued operations, net 39,482 81,901 (109,016)Net income (loss) (109,539) (33,598) 143,836Noncontrolling interests in consolidated joint ventures 4,595 2,695 3,904Noncontrolling interests in Operating Partnership 15,469 13,277 (23,724)Noncontrolling interest in discontinued operations (3,590) (7,878) 10,460Redeemable noncontrolling interests (25,977) (25,883) (22,615)Net income (loss) available to common shareholders$ (119,042) $ (51,387) $ 111,861 Veris Residential, L.P. The following schedule reconciles net operating income to net income available to common unitholders (dollars in thousands): Year Ended December 31, 2021 2020 2019Net operating income$ 43,610 $ 13,755 $ 58,928Add (deduct): Depreciation and amortization (111,618) (122,035) (133,597)Land and other impairments, net (23,719) (16,817) (32,444)Property impairments (13,467) (36,582) -Gain on change of control of interests - - 13,790Realized gains (losses) and unrealized losses on disposition of rental property, net 3,022 5,481 343,102Gain on disposition of developable land 2,115 5,787 522Gain on sale from unconsolidated joint ventures (1,886) 35,184 903Gain (loss) from extinguishment of debt, net (47,078) (272) 1,648Income (loss) from continuing operations (149,021) (115,499) 252,852Discontinued operations Income from discontinued operations 13,930 70,700 24,334Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 25,552 11,201 (133,350)Total discontinued operations, net 39,482 81,901 (109,016)Net income (loss) (109,539) (33,598) 143,836Noncontrolling interests in consolidated joint ventures 4,595 2,695 3,904Redeemable noncontrolling interests (25,977) (25,883) (22,615)Net income (loss) available to common unitholders$ (130,921) $ (56,786) $ 125,125 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions | 19. RELATED PARTY TRANSACTIONS William L. Mack, a former director of the General Partner and David S. Mack, a former director of the General Partner, are the executive officers, directors and stockholders of a corporation that leased 5,930 square feet at one of the Company’s office properties, which was scheduled to expire in January 2025 (the Company disposed of this property in March 2020). The corporation previously leased approximately 7,034 square feet at another one of the Company’s office properties (the Company disposed of this property in January 2019). The Company recognized $48,000 and $18,000 in revenue under these leases for the years ended December 31, 2020 and 2019, respectively and had no accounts receivable from the corporation as of December 31, 2021 and 2020. The adult children of Marshall Tycher, former Chairman of VRT, own minority equity interests in a vendor to the Company. Additionally, Mr. Tycher’s son-in-law is an employee of the vendor. The Company recognized $84,000, $99,000 and $120,000 in expense for this vendor during the years ended December 31, 2021, 2020 and 2019, respectively, and had no accounts payable to this vendor as of December 31, 2021 and 2020. Certain executive officers of VRT and/or their family members (“RG”) directly or indirectly hold small noncontrolling interests in a certain consolidated joint venture. Additionally, the Company earned zero, zero, and $674,000 from entities in which RG has ownership interests for the years ended December 31, 2021, 2020 and 2019, respectively. In September 2020, the General Partner's Board of Directors approved a discretionary reimbursement of approximately $6.1 million in fees and expenses incurred by Bow Street LLC in connection with its proxy solicitations in 2019 and 2020 that resulted in the election of Bow Street's nominees as directors of the General Partner at the 2019 and 2020 annual meetings of stockholders of the General Partner. The Board of Directors determined that the reimbursement was appropriate in light of the benefit to the General Partner and its stockholders of the refreshment of the Board of Directors that resulted from the proxy contests. The Company reimbursed this amount to Bow Street in three substantially equal payments in November 2020, January 2021 and April 2021, which the Company has recorded the $6.1 million as general and administrative expense for the year ended December 31, 2020. Bow Street is an affiliate of A. Akiva Katz, a director of the General Partner, who is a co-founder and managing partner of Bow Street. |
VERIS RESIDENTIAL, L.P. [Member] | |
Related Party Transactions | 19. RELATED PARTY TRANSACTIONS William L. Mack, a former director of the General Partner and David S. Mack, a former director of the General Partner, are the executive officers, directors and stockholders of a corporation that leased 5,930 square feet at one of the Company’s office properties, which was scheduled to expire in January 2025 (the Company disposed of this property in March 2020). The corporation previously leased approximately 7,034 square feet at another one of the Company’s office properties (the Company disposed of this property in January 2019). The Company recognized $48,000 and $18,000 in revenue under these leases for the years ended December 31, 2020 and 2019, respectively and had no accounts receivable from the corporation as of December 31, 2021 and 2020. The adult children of Marshall Tycher, former Chairman of VRT, own minority equity interests in a vendor to the Company. Additionally, Mr. Tycher’s son-in-law is an employee of the vendor. The Company recognized $84,000, $99,000 and $120,000 in expense for this vendor during the years ended December 31, 2021, 2020 and 2019, respectively, and had no accounts payable to this vendor as of December 31, 2021 and 2020. Certain executive officers of VRT and/or their family members (“RG”) directly or indirectly hold small noncontrolling interests in a certain consolidated joint venture. Additionally, the Company earned zero, zero, and $674,000 from entities in which RG has ownership interests for the years ended December 31, 2021, 2020 and 2019, respectively. In September 2020, the General Partner's Board of Directors approved a discretionary reimbursement of approximately $6.1 million in fees and expenses incurred by Bow Street LLC in connection with its proxy solicitations in 2019 and 2020 that resulted in the election of Bow Street's nominees as directors of the General Partner at the 2019 and 2020 annual meetings of stockholders of the General Partner. The Board of Directors determined that the reimbursement was appropriate in light of the benefit to the General Partner and its stockholders of the refreshment of the Board of Directors that resulted from the proxy contests. The Company reimbursed this amount to Bow Street in three substantially equal payments in November 2020, January 2021 and April 2021, which the Company has recorded the $6.1 million as general and administrative expense for the year ended December 31, 2020. Bow Street is an affiliate of A. Akiva Katz, a director of the General Partner, who is a co-founder and managing partner of Bow Street. |
Condensed Quarterly Financial I
Condensed Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Quarterly Financial Information | 20. CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited) Veris Residential, Inc. The following summarizes the condensed quarterly financial information for the Company (dollars in thousands): Quarter Ended 2021 December 31 September 30 June 30 March 31Total revenues$ 88,233 $ 83,744 $ 81,247 $ 76,093Net income (loss)$ (23,237) $ (25,792) $ (74,031) $ 13,521Net income (loss) available to common shareholders$ (26,272) $ (28,314) $ (72,079) $ 7,623 ` Basic earnings per common share: Income from continuing operations$(0.32) $(0.34) $(0.86) $(0.28)Discontinued operations - 0.01 0.05 0.34Net income (loss) available to common shareholders$(0.32) $(0.33) $(0.81) $0.06 Diluted earnings per common share: Income from continuing operations$ (0.32) $ (0.34) $(0.86) $(0.28)Discontinued operations - 0.01 0.05 0.34Net income (loss) available to common shareholders$(0.32) $(0.33) $(0.81) $0.06 Quarter Ended 2020 December 31 September 30 June 30 March 31Total revenues$ 76,564 $ 79,197 $ 74,197 $ 83,604Net income (loss)$ 78,298 $ (41,118) $ (32,934) $ (37,844)Net income (loss) available to common shareholders$ 65,632 $ (42,208) $ (34,887) $ (39,924) ` Basic earnings per common share: Income from continuing operations$0.22 $(0.83) $(0.50) $(0.40)Discontinued operations 0.45 0.34 0.09 (0.07)Net income (loss) available to common shareholders$0.67 $(0.49) $(0.41) $(0.47) Diluted earnings per common share: Income from continuing operations$0.22 $ (0.83) $(0.50) $(0.40)Discontinued operations 0.45 0.34 0.09 (0.07)Net income (loss) available to common shareholders$0.67 $(0.49) $(0.41) $(0.47) Veris Residential, L.P. The following summarizes the condensed quarterly financial information for the Company (dollars in thousands): Quarter Ended 2021 December 31 September 30 June 30 March 31Total revenues$ 88,233 $ 83,744 $ 81,247 $ 76,093Net income (loss)$ (23,237) $ (25,792) $ (74,031) $ 13,521Net income (loss) available to common unitholders$ (28,876) $ (31,126) $ (79,304) $ 8,385 Basic earnings per common unit: Income from continuing operations$(0.32) $(0.34) $(0.86) $(0.28)Discontinued operations - 0.01 0.05 0.34Net income (loss) available to common unitholders$(0.32) $(0.33) $(0.81) $0.06 Diluted earnings per common units: Income from continuing operations$(0.32) $(0.34) $(0.86) $(0.28)Discontinued operations - 0.01 0.05 0.34Net income (loss) available to common unitholders$(0.32) $(0.33) $(0.81) $0.06 Quarter Ended 2020 December 31 September 30 June 30 March 31Total revenues$ 76,564 $ 79,197 $ 74,197 $ 83,604Net income (loss)$ 78,298 $ (41,118) $ (32,934) $ (37,844)Net income (loss) available to common unitholders$ 72,623 $ (46,694) $ (38,576) $ (44,139) Basic earnings per common unit: Income from continuing operations$0.22 $(0.83) $(0.50) $(0.40)Discontinued operations 0.45 0.34 0.09 (0.07)Net income (loss) available to common unitholders$0.67 $(0.49) $(0.41) $(0.47) Diluted earnings per common unit: Income from continuing operations$0.22 $(0.83) $(0.50) $(0.40)Discontinued operations 0.45 0.34 0.09 (0.07)Net income (loss) available to common unitholders$0.67 $(0.49) $(0.41) $(0.47) |
VERIS RESIDENTIAL, L.P. [Member] | |
Condensed Quarterly Financial Information | 20. CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited) Veris Residential, Inc. The following summarizes the condensed quarterly financial information for the Company (dollars in thousands): Quarter Ended 2021 December 31 September 30 June 30 March 31Total revenues$ 88,233 $ 83,744 $ 81,247 $ 76,093Net income (loss)$ (23,237) $ (25,792) $ (74,031) $ 13,521Net income (loss) available to common shareholders$ (26,272) $ (28,314) $ (72,079) $ 7,623 ` Basic earnings per common share: Income from continuing operations$(0.32) $(0.34) $(0.86) $(0.28)Discontinued operations - 0.01 0.05 0.34Net income (loss) available to common shareholders$(0.32) $(0.33) $(0.81) $0.06 Diluted earnings per common share: Income from continuing operations$ (0.32) $ (0.34) $(0.86) $(0.28)Discontinued operations - 0.01 0.05 0.34Net income (loss) available to common shareholders$(0.32) $(0.33) $(0.81) $0.06 Quarter Ended 2020 December 31 September 30 June 30 March 31Total revenues$ 76,564 $ 79,197 $ 74,197 $ 83,604Net income (loss)$ 78,298 $ (41,118) $ (32,934) $ (37,844)Net income (loss) available to common shareholders$ 65,632 $ (42,208) $ (34,887) $ (39,924) ` Basic earnings per common share: Income from continuing operations$0.22 $(0.83) $(0.50) $(0.40)Discontinued operations 0.45 0.34 0.09 (0.07)Net income (loss) available to common shareholders$0.67 $(0.49) $(0.41) $(0.47) Diluted earnings per common share: Income from continuing operations$0.22 $ (0.83) $(0.50) $(0.40)Discontinued operations 0.45 0.34 0.09 (0.07)Net income (loss) available to common shareholders$0.67 $(0.49) $(0.41) $(0.47) Veris Residential, L.P. The following summarizes the condensed quarterly financial information for the Company (dollars in thousands): Quarter Ended 2021 December 31 September 30 June 30 March 31Total revenues$ 88,233 $ 83,744 $ 81,247 $ 76,093Net income (loss)$ (23,237) $ (25,792) $ (74,031) $ 13,521Net income (loss) available to common unitholders$ (28,876) $ (31,126) $ (79,304) $ 8,385 Basic earnings per common unit: Income from continuing operations$(0.32) $(0.34) $(0.86) $(0.28)Discontinued operations - 0.01 0.05 0.34Net income (loss) available to common unitholders$(0.32) $(0.33) $(0.81) $0.06 Diluted earnings per common units: Income from continuing operations$(0.32) $(0.34) $(0.86) $(0.28)Discontinued operations - 0.01 0.05 0.34Net income (loss) available to common unitholders$(0.32) $(0.33) $(0.81) $0.06 Quarter Ended 2020 December 31 September 30 June 30 March 31Total revenues$ 76,564 $ 79,197 $ 74,197 $ 83,604Net income (loss)$ 78,298 $ (41,118) $ (32,934) $ (37,844)Net income (loss) available to common unitholders$ 72,623 $ (46,694) $ (38,576) $ (44,139) Basic earnings per common unit: Income from continuing operations$0.22 $(0.83) $(0.50) $(0.40)Discontinued operations 0.45 0.34 0.09 (0.07)Net income (loss) available to common unitholders$0.67 $(0.49) $(0.41) $(0.47) Diluted earnings per common unit: Income from continuing operations$0.22 $(0.83) $(0.50) $(0.40)Discontinued operations 0.45 0.34 0.09 (0.07)Net income (loss) available to common unitholders$0.67 $(0.49) $(0.41) $(0.47) |
Real Estate Investments And Acc
Real Estate Investments And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate Investments And Accumulated Depreciation | VERIS RESIDENTIAL, INC., VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2021 (dollars in thousands) SCHEDULE III Gross Amount at Which CostsCarried at Close of Initial CostsCapitalizedPeriod (a) Property Year Related Building andSubsequent to Building and AccumulatedProperty LocationTypeBuiltAcquiredEncumbrancesLandImprovementsAcquisition (c)LandImprovementsTotal (d) Depreciation (b) NEW JERSEY Essex County Millburn (Short Hills) The UptonMultifamily2021 74,328 2,850 - 91,673 2,850 91,673 94,523 2,154 Hudson County Hoboken 111 River StreetOffice20022016 148,897 - 198,609 15,604 - 214,213 214,213 31,096Soho LoftsMultifamily20172019 159,112 27,601 224,039 4,663 27,601 228,702 256,303 18,774Jersey City Harborside Plaza 2Office19901996 - 17,655 101,546 73,669 8,363 184,507 192,870 87,603Harborside Plaza 3Office19901996 - 17,655 101,878 73,337 8,363 184,507 192,870 87,603Harborside Plaza 5Office20022002 - 6,218 170,682 63,367 5,705 234,562 240,267 118,295Harborside Plaza 6Office20002000 - 1,244 56,144 13,364 1,244 69,508 70,752 31,273101 Hudson StreetOffice19922005 249,056 45,530 271,376 49,831 45,530 321,207 366,737 128,442Liberty TowersMultifamily20032019 263,888 66,670 328,347 7,344 66,670 335,691 402,361 19,718BLVD 475 N/SMultifamily20112017 164,915 58,761 240,871 6,323 58,761 247,194 305,955 33,036BLVD 425Multifamily20032018 130,420 48,820 160,740 5,611 48,820 166,351 215,171 16,350BLVD 401Multifamily20162019 116,447 36,595 152,440 438 36,595 152,878 189,473 12,038Weehawken 100 Avenue at Port ImperialOther20162016 - 350 - 30,734 1,958 29,126 31,084 5,313500 Avenue at Port ImperialOther20132013 32,443 13,099 56,669 (19,331) 13,099 37,338 50,437 7,898Riverhouse 9Multifamily2021 86,917 2,686 - 131,280 2,686 131,280 133,966 1,323Riverhouse 11Multifamily20182018 99,854 22,047 - 112,301 22,047 112,301 134,348 11,257Residence Inn/Envue Autograph CollectionOther20192015 88,714 23,660 - 74,655 16,866 81,449 98,315 13,101West New York Port Imperial North Retail Other20082020 - 4,305 8,216 695 4,305 8,911 13,216 647 Monmouth County Holmdel 23 Main StreetOffice19772005 - 4,336 19,544 6,400 4,336 25,944 30,280 11,671 Morris County Morris Plains Signature PlaceMultifamily20182018 42,752 930 - 56,414 930 56,414 57,344 6,103 NEW YORK Westchester County Eastchester Quarry Place at TuckahoeMultifamily20162016 40,631 5,585 3,400 48,953 5,585 52,353 57,938 7,780 MASSACHUSETTS Middlesex County Malden The Emery at Overlook Ridge Multifamily20202014 71,426 4,115 86,093 10,023 9,103 91,128 100,231 5,310 Suffolk County East Boston Portside at Pier OneMultifamily20152016 58,880 - 73,713 656 - 74,369 74,369 14,022Portside 5/6Multifamily20182018 96,633 - 37,114 77,248 - 114,362 114,362 12,335 Worcester County Worcester 145 Front StreetMultifamily20182015 62,645 4,380 - 92,178 4,380 92,178 96,558 10,752 Projects Under Development and Developable Land 253,112 259,107 761,990 - 259,106 761,990 1,021,096 49,059 Furniture, Fixtures and Equipment - - - 100,011 - 100,011 100,011 TOTALS 2,241,070 674,199 3,053,411 1,127,441 654,903 4,200,147 4,855,050(e) 742,953 (a)The aggregate cost for federal income tax purposes at December 31, 2021 was approximately $3.2 billion.(b)Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years.(c)These costs are net of impairments and valuation allowances recorded, if any.(d)Includes properties classified as held for sale at December 31, 2021. The gross amount includes $160.0 million of land and $618.2 million of building improvements related to these held for sale assets at period end.(e)Accumulated depreciation includes $159.5 million from assets classified as held for sale as of December 31, 2021. VERIS RESIDENTIAL, INC./VERIS RESIDENTIAL, L.P. AND SUBSIDIARIESNOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2021, 2020 and 2019 are as follows: (dollars in thousands) 2021 2020 2019Rental Properties Balance at beginning of year$ 4,638,643 $ 4,256,681 $ 5,306,017Additions 1,002,342 1,776,276 1,349,959Real estate held for sale (778,184) (944,082) (1,553,383)Properties sold (744,810) (443,755) (824,167)Impairments (27,547) - -Retirements/disposals (13,578) (6,477) (21,745)Balance at end of year$ 4,076,866 $ 4,638,643 $ 4,256,681 Accumulated Depreciation Balance at beginning of year$ 656,331 $ 558,617 $ 1,097,868Depreciation expense 102,062 104,421 156,250Real estate held for sale (159,541) 2,238 (411,833)Properties sold - - (261,923)Impairments (1,858) (2,469) -Retirements/disposals (13,578) (6,477) (21,745)Balance at end of year$ 583,416 $ 656,331 $ 558,617 |
VERIS RESIDENTIAL, L.P. [Member] | |
Real Estate Investments And Accumulated Depreciation | VERIS RESIDENTIAL, INC., VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2021 (dollars in thousands) SCHEDULE III Gross Amount at Which CostsCarried at Close of Initial CostsCapitalizedPeriod (a) Property Year Related Building andSubsequent to Building and AccumulatedProperty LocationTypeBuiltAcquiredEncumbrancesLandImprovementsAcquisition (c)LandImprovementsTotal (d) Depreciation (b) NEW JERSEY Essex County Millburn (Short Hills) The UptonMultifamily2021 74,328 2,850 - 91,673 2,850 91,673 94,523 2,154 Hudson County Hoboken 111 River StreetOffice20022016 148,897 - 198,609 15,604 - 214,213 214,213 31,096Soho LoftsMultifamily20172019 159,112 27,601 224,039 4,663 27,601 228,702 256,303 18,774Jersey City Harborside Plaza 2Office19901996 - 17,655 101,546 73,669 8,363 184,507 192,870 87,603Harborside Plaza 3Office19901996 - 17,655 101,878 73,337 8,363 184,507 192,870 87,603Harborside Plaza 5Office20022002 - 6,218 170,682 63,367 5,705 234,562 240,267 118,295Harborside Plaza 6Office20002000 - 1,244 56,144 13,364 1,244 69,508 70,752 31,273101 Hudson StreetOffice19922005 249,056 45,530 271,376 49,831 45,530 321,207 366,737 128,442Liberty TowersMultifamily20032019 263,888 66,670 328,347 7,344 66,670 335,691 402,361 19,718BLVD 475 N/SMultifamily20112017 164,915 58,761 240,871 6,323 58,761 247,194 305,955 33,036BLVD 425Multifamily20032018 130,420 48,820 160,740 5,611 48,820 166,351 215,171 16,350BLVD 401Multifamily20162019 116,447 36,595 152,440 438 36,595 152,878 189,473 12,038Weehawken 100 Avenue at Port ImperialOther20162016 - 350 - 30,734 1,958 29,126 31,084 5,313500 Avenue at Port ImperialOther20132013 32,443 13,099 56,669 (19,331) 13,099 37,338 50,437 7,898Riverhouse 9Multifamily2021 86,917 2,686 - 131,280 2,686 131,280 133,966 1,323Riverhouse 11Multifamily20182018 99,854 22,047 - 112,301 22,047 112,301 134,348 11,257Residence Inn/Envue Autograph CollectionOther20192015 88,714 23,660 - 74,655 16,866 81,449 98,315 13,101West New York Port Imperial North Retail Other20082020 - 4,305 8,216 695 4,305 8,911 13,216 647 Monmouth County Holmdel 23 Main StreetOffice19772005 - 4,336 19,544 6,400 4,336 25,944 30,280 11,671 Morris County Morris Plains Signature PlaceMultifamily20182018 42,752 930 - 56,414 930 56,414 57,344 6,103 NEW YORK Westchester County Eastchester Quarry Place at TuckahoeMultifamily20162016 40,631 5,585 3,400 48,953 5,585 52,353 57,938 7,780 MASSACHUSETTS Middlesex County Malden The Emery at Overlook Ridge Multifamily20202014 71,426 4,115 86,093 10,023 9,103 91,128 100,231 5,310 Suffolk County East Boston Portside at Pier OneMultifamily20152016 58,880 - 73,713 656 - 74,369 74,369 14,022Portside 5/6Multifamily20182018 96,633 - 37,114 77,248 - 114,362 114,362 12,335 Worcester County Worcester 145 Front StreetMultifamily20182015 62,645 4,380 - 92,178 4,380 92,178 96,558 10,752 Projects Under Development and Developable Land 253,112 259,107 761,990 - 259,106 761,990 1,021,096 49,059 Furniture, Fixtures and Equipment - - - 100,011 - 100,011 100,011 TOTALS 2,241,070 674,199 3,053,411 1,127,441 654,903 4,200,147 4,855,050(e) 742,953 (a)The aggregate cost for federal income tax purposes at December 31, 2021 was approximately $3.2 billion.(b)Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years.(c)These costs are net of impairments and valuation allowances recorded, if any.(d)Includes properties classified as held for sale at December 31, 2021. The gross amount includes $160.0 million of land and $618.2 million of building improvements related to these held for sale assets at period end.(e)Accumulated depreciation includes $159.5 million from assets classified as held for sale as of December 31, 2021. VERIS RESIDENTIAL, INC./VERIS RESIDENTIAL, L.P. AND SUBSIDIARIESNOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2021, 2020 and 2019 are as follows: (dollars in thousands) 2021 2020 2019Rental Properties Balance at beginning of year$ 4,638,643 $ 4,256,681 $ 5,306,017Additions 1,002,342 1,776,276 1,349,959Real estate held for sale (778,184) (944,082) (1,553,383)Properties sold (744,810) (443,755) (824,167)Impairments (27,547) - -Retirements/disposals (13,578) (6,477) (21,745)Balance at end of year$ 4,076,866 $ 4,638,643 $ 4,256,681 Accumulated Depreciation Balance at beginning of year$ 656,331 $ 558,617 $ 1,097,868Depreciation expense 102,062 104,421 156,250Real estate held for sale (159,541) 2,238 (411,833)Properties sold - - (261,923)Impairments (1,858) (2,469) -Retirements/disposals (13,578) (6,477) (21,745)Balance at end of year$ 583,416 $ 656,331 $ 558,617 |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | |
Rental Property | Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $2.4 million, $2.0 million and $2.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of December 31, 2021 and 2020 is real estate and building and tenant improvements not in service; as follows (dollars in thousands): December 31, December 31, 2021 2020Land held for development (including pre-development costs, if any) (a)(b)$ 341,496 $ 364,946Development and construction in progress, including land (c) 694,768 733,560Total $ 1,036,264 $ 1,098,506 (a)Includes predevelopment and infrastructure costs included in buildings and improvements of $150.9 million and $160.3 million as of December 31, 2021 and December 31, 2020, respectively.(b)Includes $115.5 million of land and $81.3 million of building and improvements pertaining to assets held for sale at December 31, 2020.(c)Includes land of $68.8 million and $74.9 million as of December 31, 2021 and December 31, 2020, respectively. The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants or residents, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative commercial square footage or multifamily units of each portion, and capitalizes only those costs associated with the portion under construction. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Leasehold interestsRemaining lease termBuildings and improvements5 to 40 yearsTenant improvementsThe shorter of the term of the related lease or useful lifeFurniture, fixtures and equipment5 to 10 years Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below-market leases, (ii) in-place leases and (iii) tenant relationships. For asset acquisitions, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed differ from the purchase consideration of a business combination transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The values of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The values of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships or leases. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management, depending on the type of property, may include reviewing low leased percentages, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction cost overruns and/or other factors, including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property over its estimated holding period is less than the carrying value of the property. If there are different possible scenarios for a property, the Company will take a probability weighted approach to estimating future cash flow scenarios. To the extent impairment has occurred, the impairment loss is measured as the excess of the carrying value of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated and estimated fair values for each property are based on a number of assumptions, including but not limited to estimated holding periods, outcome probabilities, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, food, beverage and lodging demands, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. |
Real Estate Held For Sale And Discontinued Operations | Real Estate Held for Sale and Discontinued Operations When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of expected selling costs, of such assets. The Company generally considers assets (as identified by their disposal groups) to be held for sale when the transaction has received appropriate corporate authority, it is probable to be sold within the following 12 months, and there are no significant contingencies relating to a sale. If, in management’s opinion, the estimated net sales price, net of expected selling costs, of the disposal groups which have been identified as held for sale is less than the carrying value of the assets, a valuation allowance (which is recorded as unrealized losses on disposition of rental property) is established. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of assumptions, including but not limited to the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. In addition, the Company classifies assets held for sale or sold as discontinued operations if the disposal groups represent a strategic shift that will have a major effect on the Company’s operations and financial results. For any disposals qualifying as discontinued operations, the assets and their results are presented in discontinued operations in the financial statements for all periods presented. See Note 7: Discontinued Operations. If circumstances arise that previously were considered unlikely and, as a result, the Company has determined that an asset previously classified as held for sale, no longer meets the held for sale criteria, the asset is reclassified as held and used. An asset that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used, or (b) the fair value at the date the asset qualified as held for sale. |
Investments In Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions including but not limited to estimates of future cash flows, market capitalization rates and discount rates, if applicable. These assumptions are based on management's experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. See Note 4: Investments in Unconsolidated Joint Ventures. |
Cash And Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. |
Deferred Financing Costs | Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $4.6 million for each of the years ended December 31, 2021, 2020 and 2019. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. Included in the gains(losses) from extinguishment of debt, net, of $(47.1) million, $(0.3) million and $1.6 million for the years ended December 31, 2021, 2020 and 2019 were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to zero, zero and $0.4 million, respectively. |
Deferred Leasing Costs/Leasing Personnel Costs | Deferred Leasing Costs/Leasing Personnel Costs Costs incurred in connection with successfully executed commercial and residential leases were capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs were charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such leasing personnel costs in General and Administrative expense costs in the Company’s Consolidated Statements of Operations, which amounted to $1.5 million, $1.5 million and $2.3 million (excluding any severance – related costs) for the years ended December 31, 2021, 2020 and 2019, respectively. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. The Company determined that its goodwill, with a balance of $2.9 million, was impaired at December 31, 2021 after management performed its impairment tests and recognized an impairment of $2.9 million. |
Derivative Instruments | Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. |
Revenue Recognition | Revenue Recognition Revenue from leases includes fixed base rents under leases, which are recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. The Company elected a practical expedient for its rental properties (as lessor) to avoid separating non-lease components that otherwise would need to be accounted for under the recently-adopted revenue accounting guidance (such as tenant reimbursements of property operating expenses) from the associated lease component since (1) the non-lease components have the same timing and pattern of transfer as the associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease; this enables the Company to account for the combination of the lease component and non-lease components as an operating lease since the lease component is the predominant component of the combined components. Due to the Company’s adoption of the practical expedient discussed above to not separate non-lease component revenue from the associated lease component, the Company is aggregating revenue from its lease components and non-lease components (comprised predominantly of tenant operating expense reimbursements) into the line entitled “Revenue from leases.” Revenue from leases also includes reimbursements and recoveries from tenants received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 14: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income is comprised of income from parking spaces leased to tenants and others. Hotel income includes all revenue generated from hotel properties. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. All bad debt expense is being recorded as a reduction of the corresponding revenue account starting on January 1, 2019. Management performs a detailed review of amounts due from tenants for collectability, based on factors affecting the billings and status of individual tenants. The factors considered by management in determining which individual tenant’s revenues are affected include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of bad debt write-off’s requires management to exercise judgment about the timing, frequency and severity of collection losses, which affects the revenue recorded. |
Income And Other Taxes | Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2021, the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $941.6 million. The Operating Partnership’s taxable income (loss) for the year ended December 31, 2021, 2020 and 2019 was estimated to be approximately $(17.7) million, $79.3 million and $71.2 million, respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The deferred tax asset balance at December 31, 2021 amounted to $29.2 million which has been fully reserved through a valuation allowance. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of December 31, 2021, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2018 forward. |
Earnings Per Share Or Unit | Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). |
Dividends And Distributions Payable | Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividend obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. On March 19, 2021, the Company announced that its Board of Directors would continue to suspend its common dividend for the remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company’s projected 2021 taxable income estimates. The Company believes that with its estimated taxable income/loss for 2021, it will meet its dividend obligations as a REIT for the year with no dividends paid. The Company anticipates its regular quarterly common dividend to remain suspended while it seeks to conclude its transition into a pureplay multifamily REIT. The dividends and distributions payable at December 31, 2021 and 2020 represent amounts payable on unvested LTIP units. The Company has determined that the $0.60 dividend per common share paid during the year ended December 31, 2020 represented approximately 19 percent ordinary income and approximately 81 percent capital gain and the $0.80 dividend per common share paid during the year ended December 31, 2019 represented 100 percent capital gain. |
Costs Incurred For Stock Issuances | Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid-in capital. |
Stock Compensation | Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, long term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. For unvested securities that are forfeited prior to the measurement period being complete, the Company elected to account for forfeiture of employee awards as they occur. The Company recorded stock compensation expense of $10.8 million, $7.6 million and $8.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. |
Fair Value Hierarchy | Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals andLevel 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. |
Impact Of Recently-Issued Accounting Standards | Impact of Recently-Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”). The guidance introduces a new model for estimating credit losses for certain types of financial instruments, including trade and lease receivables, loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company is currently in the process of evaluating the impact the adoption of ASU 2020-04 will have on the Company’s consolidated financial statements. In April 2020, the FASB issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which was adopted on January 1, 2019. Under the new leasing standard, an entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease as long as the total cash flows from the modified lease are substantially similar to the cash flows in the original lease. The Company elected this option and therefore, to the extent that rent concession is granted as a deferral of payments but total payments are substantially the same, will account for the concession as if no change has been made to the original lease. |
VERIS RESIDENTIAL, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Rental Property | Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $2.4 million, $2.0 million and $2.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of December 31, 2021 and 2020 is real estate and building and tenant improvements not in service; as follows (dollars in thousands): December 31, December 31, 2021 2020Land held for development (including pre-development costs, if any) (a)(b)$ 341,496 $ 364,946Development and construction in progress, including land (c) 694,768 733,560Total $ 1,036,264 $ 1,098,506 (a)Includes predevelopment and infrastructure costs included in buildings and improvements of $150.9 million and $160.3 million as of December 31, 2021 and December 31, 2020, respectively.(b)Includes $115.5 million of land and $81.3 million of building and improvements pertaining to assets held for sale at December 31, 2020.(c)Includes land of $68.8 million and $74.9 million as of December 31, 2021 and December 31, 2020, respectively. The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants or residents, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative commercial square footage or multifamily units of each portion, and capitalizes only those costs associated with the portion under construction. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Leasehold interestsRemaining lease termBuildings and improvements5 to 40 yearsTenant improvementsThe shorter of the term of the related lease or useful lifeFurniture, fixtures and equipment5 to 10 years Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below-market leases, (ii) in-place leases and (iii) tenant relationships. For asset acquisitions, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed differ from the purchase consideration of a business combination transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The values of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The values of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships or leases. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management, depending on the type of property, may include reviewing low leased percentages, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction cost overruns and/or other factors, including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property over its estimated holding period is less than the carrying value of the property. If there are different possible scenarios for a property, the Company will take a probability weighted approach to estimating future cash flow scenarios. To the extent impairment has occurred, the impairment loss is measured as the excess of the carrying value of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated and estimated fair values for each property are based on a number of assumptions, including but not limited to estimated holding periods, outcome probabilities, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, food, beverage and lodging demands, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. |
Real Estate Held For Sale And Discontinued Operations | Real Estate Held for Sale and Discontinued Operations When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of expected selling costs, of such assets. The Company generally considers assets (as identified by their disposal groups) to be held for sale when the transaction has received appropriate corporate authority, it is probable to be sold within the following 12 months, and there are no significant contingencies relating to a sale. If, in management’s opinion, the estimated net sales price, net of expected selling costs, of the disposal groups which have been identified as held for sale is less than the carrying value of the assets, a valuation allowance (which is recorded as unrealized losses on disposition of rental property) is established. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of assumptions, including but not limited to the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. In addition, the Company classifies assets held for sale or sold as discontinued operations if the disposal groups represent a strategic shift that will have a major effect on the Company’s operations and financial results. For any disposals qualifying as discontinued operations, the assets and their results are presented in discontinued operations in the financial statements for all periods presented. See Note 7: Discontinued Operations. If circumstances arise that previously were considered unlikely and, as a result, the Company has determined that an asset previously classified as held for sale, no longer meets the held for sale criteria, the asset is reclassified as held and used. An asset that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used, or (b) the fair value at the date the asset qualified as held for sale. |
Investments In Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions including but not limited to estimates of future cash flows, market capitalization rates and discount rates, if applicable. These assumptions are based on management's experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. See Note 4: Investments in Unconsolidated Joint Ventures. |
Cash And Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. |
Deferred Financing Costs | Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $4.6 million for each of the years ended December 31, 2021, 2020 and 2019. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. Included in the gains(losses) from extinguishment of debt, net, of $(47.1) million, $(0.3) million and $1.6 million for the years ended December 31, 2021, 2020 and 2019 were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to zero, zero and $0.4 million, respectively. |
Deferred Leasing Costs/Leasing Personnel Costs | Deferred Leasing Costs/Leasing Personnel Costs Costs incurred in connection with successfully executed commercial and residential leases were capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs were charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such leasing personnel costs in General and Administrative expense costs in the Company’s Consolidated Statements of Operations, which amounted to $1.5 million, $1.5 million and $2.3 million (excluding any severance – related costs) for the years ended December 31, 2021, 2020 and 2019, respectively. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. The Company determined that its goodwill, with a balance of $2.9 million, was impaired at December 31, 2021 after management performed its impairment tests and recognized an impairment of $2.9 million. |
Derivative Instruments | Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. |
Revenue Recognition | Revenue Recognition Revenue from leases includes fixed base rents under leases, which are recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. The Company elected a practical expedient for its rental properties (as lessor) to avoid separating non-lease components that otherwise would need to be accounted for under the recently-adopted revenue accounting guidance (such as tenant reimbursements of property operating expenses) from the associated lease component since (1) the non-lease components have the same timing and pattern of transfer as the associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease; this enables the Company to account for the combination of the lease component and non-lease components as an operating lease since the lease component is the predominant component of the combined components. Due to the Company’s adoption of the practical expedient discussed above to not separate non-lease component revenue from the associated lease component, the Company is aggregating revenue from its lease components and non-lease components (comprised predominantly of tenant operating expense reimbursements) into the line entitled “Revenue from leases.” Revenue from leases also includes reimbursements and recoveries from tenants received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 14: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income is comprised of income from parking spaces leased to tenants and others. Hotel income includes all revenue generated from hotel properties. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. All bad debt expense is being recorded as a reduction of the corresponding revenue account starting on January 1, 2019. Management performs a detailed review of amounts due from tenants for collectability, based on factors affecting the billings and status of individual tenants. The factors considered by management in determining which individual tenant’s revenues are affected include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of bad debt write-off’s requires management to exercise judgment about the timing, frequency and severity of collection losses, which affects the revenue recorded. |
Income And Other Taxes | Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2021, the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $941.6 million. The Operating Partnership’s taxable income (loss) for the year ended December 31, 2021, 2020 and 2019 was estimated to be approximately $(17.7) million, $79.3 million and $71.2 million, respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The deferred tax asset balance at December 31, 2021 amounted to $29.2 million which has been fully reserved through a valuation allowance. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of December 31, 2021, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2018 forward. |
Earnings Per Share Or Unit | Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). |
Dividends And Distributions Payable | Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividend obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. On March 19, 2021, the Company announced that its Board of Directors would continue to suspend its common dividend for the remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company’s projected 2021 taxable income estimates. The Company believes that with its estimated taxable income/loss for 2021, it will meet its dividend obligations as a REIT for the year with no dividends paid. The Company anticipates its regular quarterly common dividend to remain suspended while it seeks to conclude its transition into a pureplay multifamily REIT. The dividends and distributions payable at December 31, 2021 and 2020 represent amounts payable on unvested LTIP units. The Company has determined that the $0.60 dividend per common share paid during the year ended December 31, 2020 represented approximately 19 percent ordinary income and approximately 81 percent capital gain and the $0.80 dividend per common share paid during the year ended December 31, 2019 represented 100 percent capital gain. |
Costs Incurred For Stock Issuances | Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid-in capital. |
Stock Compensation | Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, long term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. For unvested securities that are forfeited prior to the measurement period being complete, the Company elected to account for forfeiture of employee awards as they occur. The Company recorded stock compensation expense of $10.8 million, $7.6 million and $8.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. |
Fair Value Hierarchy | Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals andLevel 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. |
Impact Of Recently-Issued Accounting Standards | Impact of Recently-Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”). The guidance introduces a new model for estimating credit losses for certain types of financial instruments, including trade and lease receivables, loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company is currently in the process of evaluating the impact the adoption of ASU 2020-04 will have on the Company’s consolidated financial statements. In April 2020, the FASB issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which was adopted on January 1, 2019. Under the new leasing standard, an entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease as long as the total cash flows from the modified lease are substantially similar to the cash flows in the original lease. The Company elected this option and therefore, to the extent that rent concession is granted as a deferral of payments but total payments are substantially the same, will account for the concession as if no change has been made to the original lease. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | |
Schedule Of Rental Property Improvements | December 31, December 31, 2021 2020Land held for development (including pre-development costs, if any) (a)(b)$ 341,496 $ 364,946Development and construction in progress, including land (c) 694,768 733,560Total $ 1,036,264 $ 1,098,506 (a)Includes predevelopment and infrastructure costs included in buildings and improvements of $150.9 million and $160.3 million as of December 31, 2021 and December 31, 2020, respectively.(b)Includes $115.5 million of land and $81.3 million of building and improvements pertaining to assets held for sale at December 31, 2020.(c)Includes land of $68.8 million and $74.9 million as of December 31, 2021 and December 31, 2020, respectively. |
Estimated Useful Lives Of Assets | Leasehold interestsRemaining lease termBuildings and improvements5 to 40 yearsTenant improvementsThe shorter of the term of the related lease or useful lifeFurniture, fixtures and equipment5 to 10 years |
VERIS RESIDENTIAL, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Schedule Of Rental Property Improvements | December 31, December 31, 2021 2020Land held for development (including pre-development costs, if any) (a)(b)$ 341,496 $ 364,946Development and construction in progress, including land (c) 694,768 733,560Total $ 1,036,264 $ 1,098,506 (a)Includes predevelopment and infrastructure costs included in buildings and improvements of $150.9 million and $160.3 million as of December 31, 2021 and December 31, 2020, respectively.(b)Includes $115.5 million of land and $81.3 million of building and improvements pertaining to assets held for sale at December 31, 2020.(c)Includes land of $68.8 million and $74.9 million as of December 31, 2021 and December 31, 2020, respectively. |
Estimated Useful Lives Of Assets | Leasehold interestsRemaining lease termBuildings and improvements5 to 40 yearsTenant improvementsThe shorter of the term of the related lease or useful lifeFurniture, fixtures and equipment5 to 10 years |
Recent Transactions (Tables)
Recent Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate Properties [Line Items] | |
Schedule Of Properties Which Commenced Initial Operations | 2021 TotalIn Service Property# of DevelopmentDatePropertyLocationTypeApartment Units Costs Incurred03/01/21The Upton (a)Short Hills, NJMultifamily193 $ 101,26907/01/21Riverhouse 9 at Port Imperial (b)Weehawken, NJMultifamily313 164,633Totals 506 $ 265,902 (a)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.9 million in land costs.(b)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.7 million in land costs. Additionally, a land lease located in Parsippany, New Jersey also commenced initial operations during the first quarter 2021. Development costs incurred amounted to $5.1 million. This land lease was sold by the Company during 2021. 2020 TotalIn Service Property# of DevelopmentDatePropertyLocationTypeApartment Units Costs Incurred03/01/20Emery at Overlook RidgeMalden, MAMultifamily326 $ 103,993Totals 326 $ 103,993 |
Schedule Of Net Assets Recorded Upon Consolidation | On March 12, 2020, the Company, acquired its equity partner's 80 percent interest in Port Imperial North Retail L.L.C., a ground floor retail space totaling 30,745 square feet located at Port Imperial, West New York, New Jersey for $13.3 million in cash (funded through borrowing under the Company’s unsecured credit facility.) The results of the transaction increased the Company’s interest to 100 percent. Upon the acquisition, the Company consolidated the joint venture, a voting interest entity. As an acquisition of the remaining interests in the venture which owns the Port Imperial North Retail L.L.C., the Company accounted for the transaction as an asset acquisition under a cost accumulation model, and as such no gain on change of control of interest was recognized in consolidation, resulting in total consolidated net assets of $15.0 million, which were allocated as follows: Port Imperial North Retail L.L.C.Land and leasehold interests$ 4,305Buildings and improvements and other assets, net 8,912In-place lease values (a) 1,503Above/Below market lease value, net (a) 313 Net assets recorded upon consolidation$ 15,033 (a)In-place and below market lease values are being amortized over a weighted-average term of 7.5 years. |
Schedule Of Property Disposals | Real Estate Held for Sale/Discontinued Operations/Dispositions 2021 On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jersey, (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in its Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion. As of December 31, 2021, the Company identified as held for sale two office properties totaling approximately 1.8 million square feet to be sold separately, which are located in Jersey City and Hoboken, New Jersey. The total estimated sales proceeds, net of expected selling costs but before the required aggregate paydown of $400 million of mortgages encumbering the properties and related costs, are expected to be approximately $575 million. The Company may need to pay significant prepayment costs of approximately $20 million to pay down these mortgage loans which will be expensed when incurred at the time of such paydown. In January 2022, the Company completed the disposition of one of the office properties held for sale at December 31, 2021 for gross sales proceeds of $210 million and the paydown of the $150 million mortgage encumbering the property. Additionally, the Company also identified several developable land parcels as held for sale as of December 31, 2021. As a result of recent sales contracts in place and after considering the current market conditions due to the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of several land parcels held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the year ended December 31, 2021, recognized land impairments of $10.2 million. The Company also recognized an unrealized gain of $3.7 million during the year ended December 31, 2021 (reversing cumulative held for sale loss allowances recognized) for a held for sale land parcel that was previously impaired when the Company entered into a contract to sell the land parcel. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands): Assets Held for Sale Land$ 159,968 Building & Other 618,216 Less: Accumulated depreciation (159,538) Real estate held for sale, net$ 618,646 Assets Other assets and liabilities Held for Sale Unbilled rents receivable, net (a)$ 30,526 Deferred charges, net (a) 16,056 Total intangibles, net (a) 31,155 Total deferred charges & other assets, net (b) 69,410 Mortgages & loans payable, net (a) (397,953) Total below market liability (a) (24,098) Accounts payable, accrued exp & other liability (c) (49,648) Unearned rents/deferred rental income (a) (5,831) (a)Expected to be removed with the completion of the sales.(b)Includes $19.2 million of right of use assets expected to be removed with the completion of the sales.(c)Includes $20.5 million of right of use liabilities expected to be removed with the completion of the sales. The Company disposed of the following rental properties during the year ended December 31, 2021 (dollars in thousands): Discontinued Operations: Realized Realized Gains Gains Rentable Net Net (Losses)/ (losses)/ Disposition # of Square Property Sales Carrying Unrealized Unrealized DateProperty/AddressLocationBldgs. Feet Type Proceeds Value Losses, net Losses, net 01/13/21100 Overlook CenterPrinceton, New Jersey1 149,600 Office$34,724(a)$26,488 $ - $ 8,236 03/25/21Metropark portfolio (b)Edison and Iselin, New Jersey4 926,656 Office 247,351 233,826 - 13,525 04/20/21Short Hills portfolio (c)Short Hills, New Jersey4 828,413 Office 248,664 245,800 - 2,864 06/11/21Red Bank portfolioRed Bank, New Jersey5 659,490 Office 80,730 78,364 - 2,366 06/30/21Retail land leasesHanover and Parsippany, New Jersey - - Land Lease 41,957 37,951 4,006 - 07/26/217 Giralda FarmsMadison, New Jersey1 236,674 Office 28,182 30,143 - (1,961) 10/20/214 Gatehall DriveParsippany, New Jersey1 248,480 Office 24,239 23,717 - 522 12/16/21Retail land lease Unit BHanover, New Jersey - - Land Lease 5,423 6,407 (984) - Totals 16 3,049,313 $711,270 $682,696 $ 3,022 $ 25,552 (a)As part of the consideration from the buyer, a related party, 678,302 Common Units were redeemed by the Company at a book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its revolving credit facility. See Note 17: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership.(b)Includes $10 million of seller financing provided to the buyers of the Metropark portfolio. See Note 5: Deferred charges, goodwill and other assets, net.(c)The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $22.6 million. These costs were expensed as loss from extinguishment of debt. The Company disposed of the following developable land holdings during the year ended December 31, 2021 (dollars in thousands): Realized Gains Net Net (losses)/Disposition Sales Carrying UnrealizedDateProperty AddressLocation Proceeds Value Losses, net05/24/21Horizon common areaHamilton, New Jersey $745 $634 $ 11112/22/21346/360 University AveNewark, New Jersey 4,266 2,262 2,004 Totals $5,011 $2,896 $2,115 2020 As of December 31, 2020, the Company had identified as held for sale 16 office properties (comprised of six identified disposal groups) in the Suburban Office Portfolio, totaling 3.0 million square feet (of which the Company had 15 properties totaling 2.8 million square feet under contract for sale for aggregate gross proceeds of $652.4 million). As a result of a signed contract to dispose of a portfolio of four of the properties in an identified disposal group of assets held for sale, the Company paid significant costs to defease the mortgage loan encumbering the properties, which was expensed when incurred at the time of such defeasance in 2021. See Note 10: Mortgages, loans payable and other obligations. As of December 31, 2020, the Company determined that a 350,000 square foot office property in the Suburban Office Portfolio, located in Holmdel, New Jersey no longer met the held for sale criteria. The property had originally been classified as held for sale as of December 31, 2019. The reclassified property has an aggregate book value of $19.8 million as of December 31, 2020, net of accumulated depreciation of $10.5 million (including catch-up depreciation). $2.8 million of previously recorded valuation allowance was reversed upon the reclassification of the asset from held for sale at December 31, 2020, and the corresponding property’s results and valuation allowance are also reclassified out of discontinued operations to continuing operations for all periods presented. See Note 7: Discontinued Operations. The Company also identified a retail pad leased to others and several developable land parcels as held for sale as of December 31, 2020. The properties were located in Parsippany, Madison, Short Hills, Edison and Red Bank, New Jersey. As a result of recent sales contract amendments and after considering the current market conditions due to the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of six of the remaining held for sale properties (comprised of three disposal groups), and several land parcels held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the year ended December 31, 2020, recognized an unrealized loss allowance of $15.7 million for the properties ($14 million of which are from discontinued operations), respectively, and also recorded land and other impairments of $9.5 million. As of December 31, 2020, the Company determined that two developable land parcels located in Parsippany, New Jersey were no longer being held for sale. The properties had originally been classified as held for sale as of December 31, 2019. The reclassified properties had an aggregate book value of $11.3 million. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands): Suburban Other Office Assets Portfolio (a) Held for Sale TotalLand $ 87,815 $ 76,396 $ 164,211Building & Other 737,669 42,202 779,871Less: Accumulated depreciation (161,040) (7,991) (169,031)Less: Cumulative unrealized losses on property held for sale (77,357) (40,731) (118,088)Real estate held for sale, net $ 587,087 $ 69,876 $ 656,963 Suburban Other Office Assets Other assets and liabilities Portfolio (a) Held for Sale TotalUnbilled rents receivable, net (b) $ 17,216 $ 2,102 $ 19,318Deferred charges, net (b) 15,320 661 15,981Total intangibles, net (b) 26,069 - 26,069Total deferred charges & other assets, net 42,513 665 43,178Mortgages & loans payable, net (b) (123,768) - (123,768)Total below market liability (b) (6,538) - (6,538)Accounts payable, accrued exp & other liability (16,972) (80) (17,052)Unearned rents/deferred rental income (b) (8,422) (217) (8,639) (a) Classified as discontinued operations at December 31, 2019 for all periods presented. See Note 7: Discontinued Operations.(b) Expected to be removed with the completion of the sales. The Company disposed of the following rental properties during the year ended December 31, 2020 (dollars in thousands): Discontinued Operations: Realized Realized Gains Gains Rentable Net Net (Losses)/ (losses)/ Disposition # of Square Property Sales Carrying Unrealized Unrealized DateProperty/AddressLocationBldgs. Feet/Units Type Proceeds Value Losses, net Losses, net 03/17/20One Bridge PlazaFort Lee, New Jersey1 200,000 Office$35,065 $17,743 $ - $17,322 07/22/203 Giralda Farms (a)Madison, New Jersey1 141,000 Office 7,510 9,534 - (2,024) 09/15/20Morris portfolio (b)Parsippany and Madison, New Jersey10 1,448,420 Office 155,116 175,772 - (20,656) 09/18/20325 Columbia TurnpikeFlorham Park, New Jersey1 168,144 Office 24,276 8,020 - 16,256 09/24/209 Campus Drive (c)Parsippany, New Jersey1 156,945 Office 20,678 22,162 - (1,484) 10/21/203&5 Vaughn DrivePrinceton, New Jersey1 98,500 Office 7,282 5,754 - 1,528 11/18/207 Campus Drive (d)Parsippany, New Jersey1 154,395 Office 12,278 11,804 - 474 12/03/20581 Main StreetWoodbridge, New Jersey1 200,000 Office 58,400 43,113 15,287 12/22/20500 College Road (e)Princeton, New Jersey1 158,235 Office 4,582 6,044 (1,462) 12/23/205/10 Dennis St and 100 Hiram SqNew Brunswick, New Jersey2 200 units Multifamily 45,567 38,404 7,163 - Sub-total 20 2,725,639 370,754 338,350 7,163 25,241 Unrealized losses on real estate held for sale (1,682) (14,040) Totals 20 2,725,639 $370,754 $338,350 5,481 $ 11,201 (a)The Company recorded valuation allowances of $2.0 million on the held for sale property during the year ended December 31, 2020 and of $16.7 million during the year ended December 31, 2019.(b)The Company recorded valuation allowances of $21.6 million on the held for sale properties during the year ended December 31, 2020 and of $32.5 million during the year ended December 31, 2019.(c)The Company recorded a valuation allowance of $3.5 million on this property during the year ended December 31, 2019.(d)The Company recorded valuation allowance of $6.0 million on the held for sale property during the year ended December 31, 2019.(e)The Company recorded valuation allowance of $1.9 million on the held for sale property during the year ended December 31, 2020. The Company disposed of the following developable land holdings during the year ended December 31, 2020 (dollars in thousands): Realized Gains Net Net (losses)/Disposition Sales Carrying UnrealizedDateProperty AddressLocation Proceeds Value Losses, net01/03/20230 & 250 Half Mile RoadMiddletown, New Jersey $7,018 $2,969 $ 4,04903/27/20Capital Office Park landGreenbelt, Maryland 8,974 8,210 76412/18/2014 & 16 Skyline DriveMount Pleasant, New York 2,925 1,951 974 Totals $18,917 $13,130 $5,787 |
VERIS RESIDENTIAL, L.P. [Member] | |
Real Estate Properties [Line Items] | |
Schedule Of Properties Which Commenced Initial Operations | 2021 TotalIn Service Property# of DevelopmentDatePropertyLocationTypeApartment Units Costs Incurred03/01/21The Upton (a)Short Hills, NJMultifamily193 $ 101,26907/01/21Riverhouse 9 at Port Imperial (b)Weehawken, NJMultifamily313 164,633Totals 506 $ 265,902 (a)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.9 million in land costs.(b)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.7 million in land costs. Additionally, a land lease located in Parsippany, New Jersey also commenced initial operations during the first quarter 2021. Development costs incurred amounted to $5.1 million. This land lease was sold by the Company during 2021. 2020 TotalIn Service Property# of DevelopmentDatePropertyLocationTypeApartment Units Costs Incurred03/01/20Emery at Overlook RidgeMalden, MAMultifamily326 $ 103,993Totals 326 $ 103,993 |
Schedule Of Net Assets Recorded Upon Consolidation | On March 12, 2020, the Company, acquired its equity partner's 80 percent interest in Port Imperial North Retail L.L.C., a ground floor retail space totaling 30,745 square feet located at Port Imperial, West New York, New Jersey for $13.3 million in cash (funded through borrowing under the Company’s unsecured credit facility.) The results of the transaction increased the Company’s interest to 100 percent. Upon the acquisition, the Company consolidated the joint venture, a voting interest entity. As an acquisition of the remaining interests in the venture which owns the Port Imperial North Retail L.L.C., the Company accounted for the transaction as an asset acquisition under a cost accumulation model, and as such no gain on change of control of interest was recognized in consolidation, resulting in total consolidated net assets of $15.0 million, which were allocated as follows: Port Imperial North Retail L.L.C.Land and leasehold interests$ 4,305Buildings and improvements and other assets, net 8,912In-place lease values (a) 1,503Above/Below market lease value, net (a) 313 Net assets recorded upon consolidation$ 15,033 (a)In-place and below market lease values are being amortized over a weighted-average term of 7.5 years. |
Schedule Of Property Disposals | Real Estate Held for Sale/Discontinued Operations/Dispositions 2021 On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jersey, (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in its Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion. As of December 31, 2021, the Company identified as held for sale two office properties totaling approximately 1.8 million square feet to be sold separately, which are located in Jersey City and Hoboken, New Jersey. The total estimated sales proceeds, net of expected selling costs but before the required aggregate paydown of $400 million of mortgages encumbering the properties and related costs, are expected to be approximately $575 million. The Company may need to pay significant prepayment costs of approximately $20 million to pay down these mortgage loans which will be expensed when incurred at the time of such paydown. In January 2022, the Company completed the disposition of one of the office properties held for sale at December 31, 2021 for gross sales proceeds of $210 million and the paydown of the $150 million mortgage encumbering the property. Additionally, the Company also identified several developable land parcels as held for sale as of December 31, 2021. As a result of recent sales contracts in place and after considering the current market conditions due to the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of several land parcels held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the year ended December 31, 2021, recognized land impairments of $10.2 million. The Company also recognized an unrealized gain of $3.7 million during the year ended December 31, 2021 (reversing cumulative held for sale loss allowances recognized) for a held for sale land parcel that was previously impaired when the Company entered into a contract to sell the land parcel. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands): Assets Held for Sale Land$ 159,968 Building & Other 618,216 Less: Accumulated depreciation (159,538) Real estate held for sale, net$ 618,646 Assets Other assets and liabilities Held for Sale Unbilled rents receivable, net (a)$ 30,526 Deferred charges, net (a) 16,056 Total intangibles, net (a) 31,155 Total deferred charges & other assets, net (b) 69,410 Mortgages & loans payable, net (a) (397,953) Total below market liability (a) (24,098) Accounts payable, accrued exp & other liability (c) (49,648) Unearned rents/deferred rental income (a) (5,831) (a)Expected to be removed with the completion of the sales.(b)Includes $19.2 million of right of use assets expected to be removed with the completion of the sales.(c)Includes $20.5 million of right of use liabilities expected to be removed with the completion of the sales. The Company disposed of the following rental properties during the year ended December 31, 2021 (dollars in thousands): Discontinued Operations: Realized Realized Gains Gains Rentable Net Net (Losses)/ (losses)/ Disposition # of Square Property Sales Carrying Unrealized Unrealized DateProperty/AddressLocationBldgs. Feet Type Proceeds Value Losses, net Losses, net 01/13/21100 Overlook CenterPrinceton, New Jersey1 149,600 Office$34,724(a)$26,488 $ - $ 8,236 03/25/21Metropark portfolio (b)Edison and Iselin, New Jersey4 926,656 Office 247,351 233,826 - 13,525 04/20/21Short Hills portfolio (c)Short Hills, New Jersey4 828,413 Office 248,664 245,800 - 2,864 06/11/21Red Bank portfolioRed Bank, New Jersey5 659,490 Office 80,730 78,364 - 2,366 06/30/21Retail land leasesHanover and Parsippany, New Jersey - - Land Lease 41,957 37,951 4,006 - 07/26/217 Giralda FarmsMadison, New Jersey1 236,674 Office 28,182 30,143 - (1,961) 10/20/214 Gatehall DriveParsippany, New Jersey1 248,480 Office 24,239 23,717 - 522 12/16/21Retail land lease Unit BHanover, New Jersey - - Land Lease 5,423 6,407 (984) - Totals 16 3,049,313 $711,270 $682,696 $ 3,022 $ 25,552 (a)As part of the consideration from the buyer, a related party, 678,302 Common Units were redeemed by the Company at a book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its revolving credit facility. See Note 17: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership.(b)Includes $10 million of seller financing provided to the buyers of the Metropark portfolio. See Note 5: Deferred charges, goodwill and other assets, net.(c)The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $22.6 million. These costs were expensed as loss from extinguishment of debt. The Company disposed of the following developable land holdings during the year ended December 31, 2021 (dollars in thousands): Realized Gains Net Net (losses)/Disposition Sales Carrying UnrealizedDateProperty AddressLocation Proceeds Value Losses, net05/24/21Horizon common areaHamilton, New Jersey $745 $634 $ 11112/22/21346/360 University AveNewark, New Jersey 4,266 2,262 2,004 Totals $5,011 $2,896 $2,115 2020 As of December 31, 2020, the Company had identified as held for sale 16 office properties (comprised of six identified disposal groups) in the Suburban Office Portfolio, totaling 3.0 million square feet (of which the Company had 15 properties totaling 2.8 million square feet under contract for sale for aggregate gross proceeds of $652.4 million). As a result of a signed contract to dispose of a portfolio of four of the properties in an identified disposal group of assets held for sale, the Company paid significant costs to defease the mortgage loan encumbering the properties, which was expensed when incurred at the time of such defeasance in 2021. See Note 10: Mortgages, loans payable and other obligations. As of December 31, 2020, the Company determined that a 350,000 square foot office property in the Suburban Office Portfolio, located in Holmdel, New Jersey no longer met the held for sale criteria. The property had originally been classified as held for sale as of December 31, 2019. The reclassified property has an aggregate book value of $19.8 million as of December 31, 2020, net of accumulated depreciation of $10.5 million (including catch-up depreciation). $2.8 million of previously recorded valuation allowance was reversed upon the reclassification of the asset from held for sale at December 31, 2020, and the corresponding property’s results and valuation allowance are also reclassified out of discontinued operations to continuing operations for all periods presented. See Note 7: Discontinued Operations. The Company also identified a retail pad leased to others and several developable land parcels as held for sale as of December 31, 2020. The properties were located in Parsippany, Madison, Short Hills, Edison and Red Bank, New Jersey. As a result of recent sales contract amendments and after considering the current market conditions due to the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of six of the remaining held for sale properties (comprised of three disposal groups), and several land parcels held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the year ended December 31, 2020, recognized an unrealized loss allowance of $15.7 million for the properties ($14 million of which are from discontinued operations), respectively, and also recorded land and other impairments of $9.5 million. As of December 31, 2020, the Company determined that two developable land parcels located in Parsippany, New Jersey were no longer being held for sale. The properties had originally been classified as held for sale as of December 31, 2019. The reclassified properties had an aggregate book value of $11.3 million. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands): Suburban Other Office Assets Portfolio (a) Held for Sale TotalLand $ 87,815 $ 76,396 $ 164,211Building & Other 737,669 42,202 779,871Less: Accumulated depreciation (161,040) (7,991) (169,031)Less: Cumulative unrealized losses on property held for sale (77,357) (40,731) (118,088)Real estate held for sale, net $ 587,087 $ 69,876 $ 656,963 Suburban Other Office Assets Other assets and liabilities Portfolio (a) Held for Sale TotalUnbilled rents receivable, net (b) $ 17,216 $ 2,102 $ 19,318Deferred charges, net (b) 15,320 661 15,981Total intangibles, net (b) 26,069 - 26,069Total deferred charges & other assets, net 42,513 665 43,178Mortgages & loans payable, net (b) (123,768) - (123,768)Total below market liability (b) (6,538) - (6,538)Accounts payable, accrued exp & other liability (16,972) (80) (17,052)Unearned rents/deferred rental income (b) (8,422) (217) (8,639) (a) Classified as discontinued operations at December 31, 2019 for all periods presented. See Note 7: Discontinued Operations.(b) Expected to be removed with the completion of the sales. The Company disposed of the following rental properties during the year ended December 31, 2020 (dollars in thousands): Discontinued Operations: Realized Realized Gains Gains Rentable Net Net (Losses)/ (losses)/ Disposition # of Square Property Sales Carrying Unrealized Unrealized DateProperty/AddressLocationBldgs. Feet/Units Type Proceeds Value Losses, net Losses, net 03/17/20One Bridge PlazaFort Lee, New Jersey1 200,000 Office$35,065 $17,743 $ - $17,322 07/22/203 Giralda Farms (a)Madison, New Jersey1 141,000 Office 7,510 9,534 - (2,024) 09/15/20Morris portfolio (b)Parsippany and Madison, New Jersey10 1,448,420 Office 155,116 175,772 - (20,656) 09/18/20325 Columbia TurnpikeFlorham Park, New Jersey1 168,144 Office 24,276 8,020 - 16,256 09/24/209 Campus Drive (c)Parsippany, New Jersey1 156,945 Office 20,678 22,162 - (1,484) 10/21/203&5 Vaughn DrivePrinceton, New Jersey1 98,500 Office 7,282 5,754 - 1,528 11/18/207 Campus Drive (d)Parsippany, New Jersey1 154,395 Office 12,278 11,804 - 474 12/03/20581 Main StreetWoodbridge, New Jersey1 200,000 Office 58,400 43,113 15,287 12/22/20500 College Road (e)Princeton, New Jersey1 158,235 Office 4,582 6,044 (1,462) 12/23/205/10 Dennis St and 100 Hiram SqNew Brunswick, New Jersey2 200 units Multifamily 45,567 38,404 7,163 - Sub-total 20 2,725,639 370,754 338,350 7,163 25,241 Unrealized losses on real estate held for sale (1,682) (14,040) Totals 20 2,725,639 $370,754 $338,350 5,481 $ 11,201 (a)The Company recorded valuation allowances of $2.0 million on the held for sale property during the year ended December 31, 2020 and of $16.7 million during the year ended December 31, 2019.(b)The Company recorded valuation allowances of $21.6 million on the held for sale properties during the year ended December 31, 2020 and of $32.5 million during the year ended December 31, 2019.(c)The Company recorded a valuation allowance of $3.5 million on this property during the year ended December 31, 2019.(d)The Company recorded valuation allowance of $6.0 million on the held for sale property during the year ended December 31, 2019.(e)The Company recorded valuation allowance of $1.9 million on the held for sale property during the year ended December 31, 2020. The Company disposed of the following developable land holdings during the year ended December 31, 2020 (dollars in thousands): Realized Gains Net Net (losses)/Disposition Sales Carrying UnrealizedDateProperty AddressLocation Proceeds Value Losses, net01/03/20230 & 250 Half Mile RoadMiddletown, New Jersey $7,018 $2,969 $ 4,04903/27/20Capital Office Park landGreenbelt, Maryland 8,974 8,210 76412/18/2014 & 16 Skyline DriveMount Pleasant, New York 2,925 1,951 974 Totals $18,917 $13,130 $5,787 |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of December 31, 2021 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Nameor Rentable SF Ownership % (a) 2021 2020 Balance Date Rate Multifamily Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,547 $ 3,347 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,077 6,667 82,000 11/10/26 3.21% PI North - Riverwalk C (e) 360 units 40.00 % 27,401 36,992 135,000 12/22/24 SOFR+1.2% Riverpark at Harrison 141 units 45.00 % - 681 30,192 07/01/35 3.19% Station House 378 units 50.00 % 33,004 34,026 93,329 07/01/33 4.82% Urby at Harborside (f) 762 units 85.00 % 66,418 72,752 191,160 08/01/29 5.197% PI North - Land (b) (g) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing (h) 850 potential units 50.00 % 300 337 - - - Office 12 Vreeland Road (i) 139,750 sf 50.00 % - 1,811 - - - Offices at Crystal Lake (j) 106,345 sf 31.25 % - 3,744 - - - Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668% Other (k) 347 347 - - - Totals: $ 137,772 $ 162,382 $ 692,448 (a)Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.(b)The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term.(c)Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multifamily rental property ("Lofts at 40 Park").(d)Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $36,500, bears interest at LIBOR +2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,067, bears interest at LIBOR +1.50 percent and matures in October 2022; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $18,200, which bears interest at LIBOR +1.50 percent and matures in January 2023.(e)On December 22, 2021, the venture paid off $108.3 million construction loan and simultaneously obtained a new $135 million mortgage loan, collateralized by the property and received its share of net loan proceeds of $9.2 million. The property commenced operations in second quarter 2021.(f)The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company has guaranteed $22 million of the principal outstanding debt.(g)The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (h)Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing. (i)On April 29, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $2 million.(j)On September 1, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $1.9 million.(k)The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. |
VERIS RESIDENTIAL, L.P. [Member] | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of December 31, 2021 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Nameor Rentable SF Ownership % (a) 2021 2020 Balance Date Rate Multifamily Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,547 $ 3,347 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,077 6,667 82,000 11/10/26 3.21% PI North - Riverwalk C (e) 360 units 40.00 % 27,401 36,992 135,000 12/22/24 SOFR+1.2% Riverpark at Harrison 141 units 45.00 % - 681 30,192 07/01/35 3.19% Station House 378 units 50.00 % 33,004 34,026 93,329 07/01/33 4.82% Urby at Harborside (f) 762 units 85.00 % 66,418 72,752 191,160 08/01/29 5.197% PI North - Land (b) (g) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing (h) 850 potential units 50.00 % 300 337 - - - Office 12 Vreeland Road (i) 139,750 sf 50.00 % - 1,811 - - - Offices at Crystal Lake (j) 106,345 sf 31.25 % - 3,744 - - - Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668% Other (k) 347 347 - - - Totals: $ 137,772 $ 162,382 $ 692,448 (a)Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.(b)The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term.(c)Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multifamily rental property ("Lofts at 40 Park").(d)Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $36,500, bears interest at LIBOR +2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,067, bears interest at LIBOR +1.50 percent and matures in October 2022; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $18,200, which bears interest at LIBOR +1.50 percent and matures in January 2023.(e)On December 22, 2021, the venture paid off $108.3 million construction loan and simultaneously obtained a new $135 million mortgage loan, collateralized by the property and received its share of net loan proceeds of $9.2 million. The property commenced operations in second quarter 2021.(f)The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company has guaranteed $22 million of the principal outstanding debt.(g)The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (h)Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing. (i)On April 29, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $2 million.(j)On September 1, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $1.9 million.(k)The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | Year Ended December 31, Entity / Property Name 2021 2020 2019 Multifamily Metropolitan and Lofts at 40 Park $ (801) $ (1,010) $ (422) RiverTrace at Port Imperial 92 111 317 Crystal House (a) - (924) (687) PI North - Riverwalk C (b) (506) (368) (279) Riverpark at Harrison (c) (1,153) (273) (172) Station House (1,647) (1,650) (2,000) Urby at Harborside (580) 1,095 1,587 PI North - Land (250) - - Liberty Landing (d) (40) (5) - Office - 12 Vreeland Road (e) 2 (2,035) (3,172) Offices at Crystal Lake (f) (113) 224 79 Other Riverwalk Retail (g) - (10) (72) Hyatt Regency Hotel Jersey City - 625 3,388 Other 745 388 114 Company's equity in earnings (loss) of unconsolidated joint ventures (h)$ (4,251) $ (3,832) $ (1,319) (a)On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property sold its sole apartment property. The Company realized its share of the gain on the property sale from the unconsolidated joint venture of $35.1 million.(b)The property commenced operations in second quarter 2021.(c)In September 2021, the joint venture agreed to settle certain obligations regarding a previously owned development project, of which the Company’s share of the expense for such settlement was $0.9 million, which was recorded in equity in earnings for this venture in the year ended December 31, 2021.(d)Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing.(e)On April 29, 2021, the Company sold its interest in the joint venture and realized no gain or loss on the sale.(f)On September 1, 2021, the Company sold its interest in this unconsolidated joint venture to its venture partner for $1.9 million, and realized a loss on the sale of approximately $1.9 million.(g)On March 12, 2020, the Company acquired the remaining 80 percent interest from its equity partner and consolidated the asset. (h)Amounts are net of amortization of basis differences of $138 and $143 for the year ended December 31, 2021 and 2020, respectively. |
Deferred Charges, Goodwill An_2
Deferred Charges, Goodwill And Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | December 31, December 31,(dollars in thousands) 2021 2020Deferred leasing costs$ 88,265 $ 112,421Deferred financing costs - revolving credit facility (a) 6,684 5,559 94,949 117,980Accumulated amortization (40,956) (52,428)Deferred charges, net 53,993 65,552Notes receivable (b) 4,015 1,167In-place lease values, related intangibles and other assets, net (c)(d) 42,183 71,608Goodwill (e) - 2,945Right of use assets (f) 22,298 22,298Prepaid expenses and other assets, net 28,858 35,971 Total deferred charges, goodwill and other assets, net (g)$ 151,347 $ 199,541 (a)Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs.(b)Includes as of December 31, 2021 and 2020, respectively, an interest-free note receivable with a net present value of $0.7 million and $1.2 million, which matures in April 2023. The Company believes this balance is fully collectible. Also includes $3.1 million, net of a loan loss allowance of $0.2 million, as of December 31, 2021, of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement. The Company recorded a loan loss allowance charge of $0.2 million at December 31, 2021 based on expected losses, by calculating the net present value of the contractual cash flows of the total receivable (See Note 12: Disclosure of fair value of assets and liabilities). Such charge was recorded in Interest and other investment income (loss) for the year ended December 31, 2021. See Note 3: Transactions – Real Estate Held for Sale/Discontinued Operations/Dispositions.(c)In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $2.7 million, $3.7 million and $4.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes, as of December 31, 2021, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands): Acquired Above- Acquired Below- Market Lease Market Lease TotalYear Intangibles Intangibles Amortization2022$ (358) $ 2,209 $ 1,8512023 (352) 2,205 1,8532024 (308) 2,197 1,8892025 (293) 2,151 1,8582026 (275) 2,247 1,972 (d)The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $2.1 million, $9.1 million and $34.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes, as of December 31, 2021, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands): Year 2022 $ 2,2442023 2,2242024 2,1452025 2,0012026 1,994Total $ 10,608 (e)All goodwill was attributable to the Company’s Multifamily Real Estate and Services segment and was fully impaired as of December 31, 2021.(f)This amount has a corresponding liability of $23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details.(g)The amount as of December 31, 2021 and 2020, includes $0.5 million and $42.5 million, respectively, for properties classified as held for sale. |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into IncomeLocation of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring Total Amount of Interest Expense presented in the consolidated statements of operationsYear Ended December 31,2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Interest Rate Caps$ 10 $ - $ - Interest expense $ - $ - $ - $ - $ - $ - $ (65,192) $ (80,991) $ (90,569) Interest rate swaps$ - $ - $ (4,682) Interest expense $ - $ 16 $ 3,551Interest and other investment income (loss) $ - $ - $ 1,926 $ (65,192) $ (80,991) $ (90,569) |
Acquired Above And Below Market Lease Intangibles [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Acquired Above- Acquired Below- Market Lease Market Lease TotalYear Intangibles Intangibles Amortization2022$ (358) $ 2,209 $ 1,8512023 (352) 2,205 1,8532024 (308) 2,197 1,8892025 (293) 2,151 1,8582026 (275) 2,247 1,972 |
In-Place Leases [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Year 2022 $ 2,2442023 2,2242024 2,1452025 2,0012026 1,994Total $ 10,608 |
VERIS RESIDENTIAL, L.P. [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | December 31, December 31,(dollars in thousands) 2021 2020Deferred leasing costs$ 88,265 $ 112,421Deferred financing costs - revolving credit facility (a) 6,684 5,559 94,949 117,980Accumulated amortization (40,956) (52,428)Deferred charges, net 53,993 65,552Notes receivable (b) 4,015 1,167In-place lease values, related intangibles and other assets, net (c)(d) 42,183 71,608Goodwill (e) - 2,945Right of use assets (f) 22,298 22,298Prepaid expenses and other assets, net 28,858 35,971 Total deferred charges, goodwill and other assets, net (g)$ 151,347 $ 199,541 (a)Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs.(b)Includes as of December 31, 2021 and 2020, respectively, an interest-free note receivable with a net present value of $0.7 million and $1.2 million, which matures in April 2023. The Company believes this balance is fully collectible. Also includes $3.1 million, net of a loan loss allowance of $0.2 million, as of December 31, 2021, of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement. The Company recorded a loan loss allowance charge of $0.2 million at December 31, 2021 based on expected losses, by calculating the net present value of the contractual cash flows of the total receivable (See Note 12: Disclosure of fair value of assets and liabilities). Such charge was recorded in Interest and other investment income (loss) for the year ended December 31, 2021. See Note 3: Transactions – Real Estate Held for Sale/Discontinued Operations/Dispositions.(c)In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $2.7 million, $3.7 million and $4.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes, as of December 31, 2021, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands): Acquired Above- Acquired Below- Market Lease Market Lease TotalYear Intangibles Intangibles Amortization2022$ (358) $ 2,209 $ 1,8512023 (352) 2,205 1,8532024 (308) 2,197 1,8892025 (293) 2,151 1,8582026 (275) 2,247 1,972 (d)The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $2.1 million, $9.1 million and $34.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes, as of December 31, 2021, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands): Year 2022 $ 2,2442023 2,2242024 2,1452025 2,0012026 1,994Total $ 10,608 (e)All goodwill was attributable to the Company’s Multifamily Real Estate and Services segment and was fully impaired as of December 31, 2021.(f)This amount has a corresponding liability of $23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details.(g)The amount as of December 31, 2021 and 2020, includes $0.5 million and $42.5 million, respectively, for properties classified as held for sale. |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into IncomeLocation of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring Total Amount of Interest Expense presented in the consolidated statements of operationsYear Ended December 31,2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Interest Rate Caps$ 10 $ - $ - Interest expense $ - $ - $ - $ - $ - $ - $ (65,192) $ (80,991) $ (90,569) Interest rate swaps$ - $ - $ (4,682) Interest expense $ - $ 16 $ 3,551Interest and other investment income (loss) $ - $ - $ 1,926 $ (65,192) $ (80,991) $ (90,569) |
VERIS RESIDENTIAL, L.P. [Member] | Acquired Above And Below Market Lease Intangibles [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Acquired Above- Acquired Below- Market Lease Market Lease TotalYear Intangibles Intangibles Amortization2022$ (358) $ 2,209 $ 1,8512023 (352) 2,205 1,8532024 (308) 2,197 1,8892025 (293) 2,151 1,8582026 (275) 2,247 1,972 |
VERIS RESIDENTIAL, L.P. [Member] | In-Place Leases [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Year 2022 $ 2,2442023 2,2242024 2,1452025 2,0012026 1,994Total $ 10,608 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Cash [Line Items] | |
Schedule Of Restricted Cash | December 31, December 31, 2021 2020Security deposits$ 6,884 $ 5,289Escrow and other reserve funds 12,817 8,918 Total restricted cash$ 19,701 $ 14,207 |
VERIS RESIDENTIAL, L.P. [Member] | |
Restricted Cash [Line Items] | |
Schedule Of Restricted Cash | December 31, December 31, 2021 2020Security deposits$ 6,884 $ 5,289Escrow and other reserve funds 12,817 8,918 Total restricted cash$ 19,701 $ 14,207 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) (Details) | Year Ended December 31, 2021 2020 2019Total revenues$ 28,614 $ 134,915 $ 169,672Operating and other expenses (12,140) (54,153) (69,077)Depreciation and amortization (974) (4,806) (71,021)Interest expense (1,570) (5,256) (5,240) Income from discontinued operations 13,930 70,700 24,334 Unrealized gains (losses) on disposition of rental property (a) 569 (14,040) (141,266)Realized gains (losses) on disposition of rental property (b) 24,983 25,241 7,916Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 25,552 11,201 (133,350) Total discontinued operations, net$ 39,482 $ 81,901 $ (109,016) (a)Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2020.(b)See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses). |
VERIS RESIDENTIAL, L.P. [Member] | |
Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) (Details) | Year Ended December 31, 2021 2020 2019Total revenues$ 28,614 $ 134,915 $ 169,672Operating and other expenses (12,140) (54,153) (69,077)Depreciation and amortization (974) (4,806) (71,021)Interest expense (1,570) (5,256) (5,240) Income from discontinued operations 13,930 70,700 24,334 Unrealized gains (losses) on disposition of rental property (a) 569 (14,040) (141,266)Realized gains (losses) on disposition of rental property (b) 24,983 25,241 7,916Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 25,552 11,201 (133,350) Total discontinued operations, net$ 39,482 $ 81,901 $ (109,016) (a)Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2020.(b)See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses). |
Senior Unsecured Notes (Tables)
Senior Unsecured Notes (Tables) - Senior Unsecured Notes [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Debt Instrument [Line Items] | |
Summary Of Senior Unsecured Notes | December 31, December 31, Effective 2021 2020 Rate 4.500% Senior Unsecured Notes, due April 18, 2022 (1) $ - $ 300,000 -%3.150% Senior Unsecured Notes, due May 15, 2023 (1) - 275,000 -%Principal balance outstanding - 575,000 Adjustment for unamortized debt discount - (1,504) Unamortized deferred financing costs - (843) Total senior unsecured notes, net $ - $ 572,653 (1)On May 6, 2021, the Company retired these notes earlier than their maturity, using net sales proceeds from completed office property sales and borrowings under its 2021 credit facility and term loan. In conjunction with the notes being discharged, the Company incurred costs of $24.2 million (including a make-whole premium) which was expensed as loss from extinguishment of debt during the year ended December 31, 2021. See Note 9: Revolving Credit Facility and Term Loans. |
VERIS RESIDENTIAL, L.P. [Member] | |
Debt Instrument [Line Items] | |
Summary Of Senior Unsecured Notes | December 31, December 31, Effective 2021 2020 Rate 4.500% Senior Unsecured Notes, due April 18, 2022 (1) $ - $ 300,000 -%3.150% Senior Unsecured Notes, due May 15, 2023 (1) - 275,000 -%Principal balance outstanding - 575,000 Adjustment for unamortized debt discount - (1,504) Unamortized deferred financing costs - (843) Total senior unsecured notes, net $ - $ 572,653 (1)On May 6, 2021, the Company retired these notes earlier than their maturity, using net sales proceeds from completed office property sales and borrowings under its 2021 credit facility and term loan. In conjunction with the notes being discharged, the Company incurred costs of $24.2 million (including a make-whole premium) which was expensed as loss from extinguishment of debt during the year ended December 31, 2021. See Note 9: Revolving Credit Facility and Term Loans. |
Revolving Credit Facility And_2
Revolving Credit Facility And Term Loans (Tables) - 2017 Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Debt Instrument [Line Items] | |
Schedule Of Defined Leverage Ratio, Including Interest Rate, Alternate Base Rate Loans, And Facility Fee | Interest Rate - Applicable Interest Rate - Basis Points Applicable Above LIBOR for Basis Points Alternate Base Facility FeeTotal Leverage Ratio Above LIBOR Rate Loans Basis Points<45% 125.0 25.0 20.0≥45% and <50% 130.0 30.0 25.0≥50% and <55% (ratio through May 6, 2021) 135.0 35.0 30.0≥55% 160.0 60.0 35.0 |
VERIS RESIDENTIAL, L.P. [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Defined Leverage Ratio, Including Interest Rate, Alternate Base Rate Loans, And Facility Fee | Interest Rate - Applicable Interest Rate - Basis Points Applicable Above LIBOR for Basis Points Alternate Base Facility FeeTotal Leverage Ratio Above LIBOR Rate Loans Basis Points<45% 125.0 25.0 20.0≥45% and <50% 130.0 30.0 25.0≥50% and <55% (ratio through May 6, 2021) 135.0 35.0 30.0≥55% 160.0 60.0 35.0 |
Mortgages, Loans Payable And _2
Mortgages, Loans Payable And Other Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective December 31, December 31, Property/Project NameLender Rate (a) 2021 2020 Maturity RXR - Short Hills (b)Wells Fargo CMBS 4.15% $ - $ 124,500 Port Imperial South 4/5 RetailAmerican General Life & A/G PC 4.56% - 3,866 Riverhouse 9 at Port Imperial (c)Bank of New York Mellon LIBOR+2.13% 87,175 46,357 12/19/22 Port Imperial 4/5 Hotel (d)Fifth Third Bank LIBOR+3.40% 89,000 94,000 04/01/23 Portside at Pier One CBRE Capital Markets/FreddieMac 3.57% 58,998 58,998 08/01/23 Signature PlaceNationwide Life Insurance Company 3.74% 43,000 43,000 08/01/24 Liberty Towers (e)American General Life Insurance Company 3.37% 265,000 265,000 10/01/24 Haus 25 (f)QuadReal Finance LIBOR+2.70% 255,453 161,544 12/01/24 Portside 5/6 (g)New York Life Insurance Company 4.56% 97,000 97,000 03/10/26 BLVD 425New York Life Insurance Company 4.17% 131,000 131,000 08/10/26 BLVD 401New York Life Insurance Company 4.29% 117,000 117,000 08/10/26 101 HudsonWells Fargo CMBS 3.20% 250,000 250,000 10/11/26 The Upton (h)Bank of New York Mellon LIBOR+1.58% 75,000 42,459 10/27/26 145 Front at City SquareMUFG Union Bank LIBOR+1.84% 63,000 63,000 12/10/26 Quarry Place at TuckahoeNatixis Real Estate Capital LLC 4.48% 41,000 41,000 08/05/27 BLVD 475 N/S (i)The Northwestern Mutual Life Insurance Co. 2.91% 165,000 165,000 11/10/27 Riverhouse 11 at Port ImperialThe Northwestern Mutual Life Insurance Co. 4.52% 100,000 100,000 01/10/29 Soho Lofts (j)New York Community Bank 3.77% 160,000 160,000 07/01/29 111 River St. (k)Athene Annuity and Life Company 3.90% 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (l)American General Life & A/G PC 4.85% 32,664 33,138 12/01/29 Emery at Overlook Ridge (m)New York Community Bank 3.21% 72,000 72,000 01/01/31 Principal balance outstanding 2,252,290 2,218,862 Unamortized deferred financing costs (11,220) (14,718) Total mortgages, loans payable and other obligations, net $ 2,241,070 $ 2,204,144 (a)Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.(b)Properties which were collateral for this mortgage loan were disposed of on April 20, 2021. This mortgage loan does not permit early pre-payment. In April 2021, as a result of the disposal of the properties, the Company paid costs of approximately $22.6 million at closing to defease this loan, which was expensed as loss from extinguishment of debt in the second quarter 2021. See Note 3-Recent Transactions. (c) This construction loan has a maximum borrowing capacity of $92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.(d)In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $14.5 million of the outstanding principal, subject to certain conditions. The loan requires a one month trailing debt service coverage charge test (“DSCR Test”), which the Company expects to not be in compliance with for the quarter ended December 31, 2021. If the Company is not in compliance with the DSCR Test, the Company will either be required to make a partial principal repayment or to deposit three months of interest into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. The Company does not believe this will have a material impact on its results of operations or financial condition.(e)In January 2020, the Company increased the size of the loan on Liberty Towers to $265 million, generating $33 million of additional proceeds. (f)This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points.(g) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.(h) This construction loan had a maximum borrowing capacity of $64 million and provided, subject to certain conditions, an 18 month extension option with a fee of 30 basis points, of which the Company had guaranteed 15 percent of the outstanding principal, subject to certain conditions. On October 27, 2021, the Company obtained a new $75 million mortgage loan from a different lender maturing in October 2026 and repaid the existing loan. The Company entered into an interest-rate cap agreement for the new mortgage. (i) In November 2020, the Company modified this mortgage loan, extending the maturity date from February 2021 to November 2027. (j)Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75% annually.(k)In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. (l)The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of December 31, 2021, deferred interest of $0.8 million has been added to the principal balance.(m)In December 2020, the Company obtained a new $72 million mortgage loan that matures on January 1, 2031 and received net loan proceeds of $10.4 million after repaying its construction loan. |
Schedule Of Principal Payments | Scheduled Principal Period Amortization Maturities Total2022$ 550 $ 87,175 $ 87,7252023 2,047 147,998 150,0452024 3,403 711,453 714,8562025 3,300 - 3,3002026 3,407 733,000 736,407Thereafter 9,415 698,542 707,957Sub-total 22,122 2,378,168 2,400,290Unamortized deferred financing costs (11,220) - (11,220) Totals$ 10,902 $ 2,378,168 $ 2,389,070 |
VERIS RESIDENTIAL, L.P. [Member] | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective December 31, December 31, Property/Project NameLender Rate (a) 2021 2020 Maturity RXR - Short Hills (b)Wells Fargo CMBS 4.15% $ - $ 124,500 Port Imperial South 4/5 RetailAmerican General Life & A/G PC 4.56% - 3,866 Riverhouse 9 at Port Imperial (c)Bank of New York Mellon LIBOR+2.13% 87,175 46,357 12/19/22 Port Imperial 4/5 Hotel (d)Fifth Third Bank LIBOR+3.40% 89,000 94,000 04/01/23 Portside at Pier One CBRE Capital Markets/FreddieMac 3.57% 58,998 58,998 08/01/23 Signature PlaceNationwide Life Insurance Company 3.74% 43,000 43,000 08/01/24 Liberty Towers (e)American General Life Insurance Company 3.37% 265,000 265,000 10/01/24 Haus 25 (f)QuadReal Finance LIBOR+2.70% 255,453 161,544 12/01/24 Portside 5/6 (g)New York Life Insurance Company 4.56% 97,000 97,000 03/10/26 BLVD 425New York Life Insurance Company 4.17% 131,000 131,000 08/10/26 BLVD 401New York Life Insurance Company 4.29% 117,000 117,000 08/10/26 101 HudsonWells Fargo CMBS 3.20% 250,000 250,000 10/11/26 The Upton (h)Bank of New York Mellon LIBOR+1.58% 75,000 42,459 10/27/26 145 Front at City SquareMUFG Union Bank LIBOR+1.84% 63,000 63,000 12/10/26 Quarry Place at TuckahoeNatixis Real Estate Capital LLC 4.48% 41,000 41,000 08/05/27 BLVD 475 N/S (i)The Northwestern Mutual Life Insurance Co. 2.91% 165,000 165,000 11/10/27 Riverhouse 11 at Port ImperialThe Northwestern Mutual Life Insurance Co. 4.52% 100,000 100,000 01/10/29 Soho Lofts (j)New York Community Bank 3.77% 160,000 160,000 07/01/29 111 River St. (k)Athene Annuity and Life Company 3.90% 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (l)American General Life & A/G PC 4.85% 32,664 33,138 12/01/29 Emery at Overlook Ridge (m)New York Community Bank 3.21% 72,000 72,000 01/01/31 Principal balance outstanding 2,252,290 2,218,862 Unamortized deferred financing costs (11,220) (14,718) Total mortgages, loans payable and other obligations, net $ 2,241,070 $ 2,204,144 (a)Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.(b)Properties which were collateral for this mortgage loan were disposed of on April 20, 2021. This mortgage loan does not permit early pre-payment. In April 2021, as a result of the disposal of the properties, the Company paid costs of approximately $22.6 million at closing to defease this loan, which was expensed as loss from extinguishment of debt in the second quarter 2021. See Note 3-Recent Transactions. (c) This construction loan has a maximum borrowing capacity of $92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.(d)In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $14.5 million of the outstanding principal, subject to certain conditions. The loan requires a one month trailing debt service coverage charge test (“DSCR Test”), which the Company expects to not be in compliance with for the quarter ended December 31, 2021. If the Company is not in compliance with the DSCR Test, the Company will either be required to make a partial principal repayment or to deposit three months of interest into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. The Company does not believe this will have a material impact on its results of operations or financial condition.(e)In January 2020, the Company increased the size of the loan on Liberty Towers to $265 million, generating $33 million of additional proceeds. (f)This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points.(g) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.(h) This construction loan had a maximum borrowing capacity of $64 million and provided, subject to certain conditions, an 18 month extension option with a fee of 30 basis points, of which the Company had guaranteed 15 percent of the outstanding principal, subject to certain conditions. On October 27, 2021, the Company obtained a new $75 million mortgage loan from a different lender maturing in October 2026 and repaid the existing loan. The Company entered into an interest-rate cap agreement for the new mortgage. (i) In November 2020, the Company modified this mortgage loan, extending the maturity date from February 2021 to November 2027. (j)Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75% annually.(k)In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. (l)The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of December 31, 2021, deferred interest of $0.8 million has been added to the principal balance.(m)In December 2020, the Company obtained a new $72 million mortgage loan that matures on January 1, 2031 and received net loan proceeds of $10.4 million after repaying its construction loan. |
Schedule Of Principal Payments | Scheduled Principal Period Amortization Maturities Total2022$ 550 $ 87,175 $ 87,7252023 2,047 147,998 150,0452024 3,403 711,453 714,8562025 3,300 - 3,3002026 3,407 733,000 736,407Thereafter 9,415 698,542 707,957Sub-total 22,122 2,378,168 2,400,290Unamortized deferred financing costs (11,220) - (11,220) Totals$ 10,902 $ 2,378,168 $ 2,389,070 |
Summary Of Indebtedness | December 31, December 31, (dollars in thousands) 2021 2020 Weighted Average Weighted Average BalanceInterest Rate (a) BalanceInterest Rate (a) Fixed Rate Debt$ 1,675,353 3.71 % $ 2,374,378 3.83 %Revolving Credit Facility & Other Variable Rate Debt 713,717 3.32 % 427,419 3.38 % Totals/Weighted Average:$ 2,389,070 3.60% $ 2,801,797 3.60% |
Disclosure Of Fair Value Of A_2
Disclosure Of Fair Value Of Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Line Items] | |
Schedule Of Valuation Techniques And Significant Unobservable Assumptions | Primary Valuation Unobservable Location Range ofDescription Techniques Assumptions Type RatesLand holdings held for sale and held and used on which the Company recognized impairment losses Developable area and units and market rate per square foot or sale prices per purchase and sale agreements Market rate per residential unit Waterfront $76,000 - $78,000Hotel properties on which the Company recognized impairment losses Discounted cash flows Exit Capitalization rate Waterfront 6.50% Discount rates Waterfront 8.67% |
VERIS RESIDENTIAL, L.P. [Member] | |
Fair Value Disclosures [Line Items] | |
Schedule Of Valuation Techniques And Significant Unobservable Assumptions | Primary Valuation Unobservable Location Range ofDescription Techniques Assumptions Type RatesLand holdings held for sale and held and used on which the Company recognized impairment losses Developable area and units and market rate per square foot or sale prices per purchase and sale agreements Market rate per residential unit Waterfront $76,000 - $78,000Hotel properties on which the Company recognized impairment losses Discounted cash flows Exit Capitalization rate Waterfront 6.50% Discount rates Waterfront 8.67% |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Line Items] | |
Tax Abatement Agreements [Table Text Block] | Pilot Payments PILOT 2021 2020 2019Property NameLocationAsset TypeExpiration Dates (Dollars in Thousands)Port Imperial South 1/3 Garage (a)Weehawken, NJParking Garage12/2020$ -$ 303$ 289BLVD 475 (Monaco) (b)Jersey City, NJMultifamily2/2021 443 1,811 2,149111 River Street Hoboken, NJOffice4/2022 1,470 1,470 1,406Harborside Plaza 4A (c)Jersey City, NJOffice2/2022 1,057 1,062 1,080Harborside Plaza 5 (d)Jersey City, NJOffice6/2022 4,324 4,415 4,352BLVD 401 (Marbella 2) (e)Jersey City, NJMultifamily4/2026 1,277 1,151 1,394RiverHouse 11 at Port Imperial (f)Weehawken, NJMultifamily7/2033 1,369 1,143 1,030Port Imperial 4/5 Hotel (g)Weehawken, NJHotel12/2033 2,925 2,161 2,214RiverHouse 9 at Port Imperial (h)Weehawken, NJMultifamily6/2046 350 - -Haus 25 (i)Jersey City, NJMixed-Use(i) - - -Park Apartments at Port Imperial (j)Weehawken, NJMultifamily(j) - - -Total Pilot taxes $ 13,215$ 13,516$ 13,914 (a)Taxes to be paid at 100 percent on the land value of the project only over five year period and allows for a phase in of real estate taxes on the building improvement value at zero percent in year one and 95 percent in years two through five.(b) The annual PILOT is equal to ten percent of Gross Revenues, as defined.(c)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million.(d)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.(e)The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.(f)The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined.(g)The annual PILOT is equal to two percent of Total Project Costs, as defined.(h)The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined.(i)For a term of 25 years following substantial completion, which is anticipated to occur in the second quarter of 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined.(j)For a term of 25 years following substantial completion. The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined. |
VERIS RESIDENTIAL, L.P. [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Tax Abatement Agreements [Table Text Block] | Pilot Payments PILOT 2021 2020 2019Property NameLocationAsset TypeExpiration Dates (Dollars in Thousands)Port Imperial South 1/3 Garage (a)Weehawken, NJParking Garage12/2020$ -$ 303$ 289BLVD 475 (Monaco) (b)Jersey City, NJMultifamily2/2021 443 1,811 2,149111 River Street Hoboken, NJOffice4/2022 1,470 1,470 1,406Harborside Plaza 4A (c)Jersey City, NJOffice2/2022 1,057 1,062 1,080Harborside Plaza 5 (d)Jersey City, NJOffice6/2022 4,324 4,415 4,352BLVD 401 (Marbella 2) (e)Jersey City, NJMultifamily4/2026 1,277 1,151 1,394RiverHouse 11 at Port Imperial (f)Weehawken, NJMultifamily7/2033 1,369 1,143 1,030Port Imperial 4/5 Hotel (g)Weehawken, NJHotel12/2033 2,925 2,161 2,214RiverHouse 9 at Port Imperial (h)Weehawken, NJMultifamily6/2046 350 - -Haus 25 (i)Jersey City, NJMixed-Use(i) - - -Park Apartments at Port Imperial (j)Weehawken, NJMultifamily(j) - - -Total Pilot taxes $ 13,215$ 13,516$ 13,914 (a)Taxes to be paid at 100 percent on the land value of the project only over five year period and allows for a phase in of real estate taxes on the building improvement value at zero percent in year one and 95 percent in years two through five.(b) The annual PILOT is equal to ten percent of Gross Revenues, as defined.(c)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million.(d)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.(e)The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.(f)The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined.(g)The annual PILOT is equal to two percent of Total Project Costs, as defined.(h)The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined.(i)For a term of 25 years following substantial completion, which is anticipated to occur in the second quarter of 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined.(j)For a term of 25 years following substantial completion. The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined. |
Tenant Leases (Tables)
Tenant Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Line Items] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | As of December 31, 2021Year Amount2022$ 115,2562023 114,3552024 98,3742025 94,0422026 91,2972027 and thereafter 416,712 Total$ 930,036 As of December 31, 2020Year Amount2021$ 117,2282022 114,1012023 108,4062024 92,6052025 88,3092026 and thereafter 462,920 Total$ 983,569 |
VERIS RESIDENTIAL, L.P. [Member] | |
Leases [Line Items] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | As of December 31, 2021Year Amount2022$ 115,2562023 114,3552024 98,3742025 94,0422026 91,2972027 and thereafter 416,712 Total$ 930,036 As of December 31, 2020Year Amount2021$ 117,2282022 114,1012023 108,4062024 92,6052025 88,3092026 and thereafter 462,920 Total$ 983,569 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Redeemable Noncontrolling Interest [Line Items] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRLP InterestsBalance January 1, 2021$ 52,324 $ 460,973 $ 513,297Redeemable Noncontrolling Interests Issued - - -Net 52,324 460,973 513,297Income Attributed to Noncontrolling Interests 1,820 24,157 25,977Distributions (1,820) (24,157) (25,977)Redemption Value Adjustment - 8,016 8,016 Redeemable noncontrolling interests as of December 31, 2021$ 52,324 $ 468,989 $ 521,313 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRLP InterestsBalance January 1, 2020$ 52,324 $ 451,058 $ 503,382Redeemable Noncontrolling Interests Issued - - -Net 52,324 451,058 503,382Income Attributed to Noncontrolling Interests 1,820 24,063 25,883Distributions (1,820) (24,063) (25,883)Other Distributions - (3,153) (3,153)Redemption Value Adjustment - 13,068 13,068 Redeemable noncontrolling interests as of December 31, 2020$ 52,324 $ 460,973 $ 513,297 |
VERIS RESIDENTIAL, L.P. [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRLP InterestsBalance January 1, 2021$ 52,324 $ 460,973 $ 513,297Redeemable Noncontrolling Interests Issued - - -Net 52,324 460,973 513,297Income Attributed to Noncontrolling Interests 1,820 24,157 25,977Distributions (1,820) (24,157) (25,977)Redemption Value Adjustment - 8,016 8,016 Redeemable noncontrolling interests as of December 31, 2021$ 52,324 $ 468,989 $ 521,313 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRLP InterestsBalance January 1, 2020$ 52,324 $ 451,058 $ 503,382Redeemable Noncontrolling Interests Issued - - -Net 52,324 451,058 503,382Income Attributed to Noncontrolling Interests 1,820 24,063 25,883Distributions (1,820) (24,063) (25,883)Other Distributions - (3,153) (3,153)Redemption Value Adjustment - 13,068 13,068 Redeemable noncontrolling interests as of December 31, 2020$ 52,324 $ 460,973 $ 513,297 |
Veris Residential, Inc. Stock_2
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders Equity [Line Items] | |
Schedule Of Stock Option Plans | Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s)Outstanding at January 1, 2019 ($17.31) 800,000 $ 17.31 $ 1,824Granted, Lapsed or Cancelled - - Outstanding at December 31, 2019 ($17.31) 800,000 $ 17.31 4,656Granted 172,495 14.39 Outstanding at December 31, 2020 ($14.39 - $17.31) 972,495 $ 16.79 -Granted 1,107,505 16.10 Outstanding at December 31, 2021 ($14.39 - $20.00) 2,080,000 $ 16.42 $ 4,072Options exercisable at December 31, 2021 1,130,000 Available for grant at December 31, 2021 1,633,689 |
Schedule Of Restricted Stock Awards | Weighted-Average Grant – Date Shares Fair ValueOutstanding at January 1, 2019 67,289 $ 22.43Granted 42,690 21.08Vested (65,353) 22.34Forfeited (1,936) 25.83Outstanding at December 31, 2019 42,690 $ 21.08Granted 52,974 15.29Vested (42,690) 21.08Forfeited - -Outstanding at December 31, 2020 52,974 $ 15.29Granted 39,529 17.71Vested (52,974) 15.29Forfeited - - Outstanding at December 31, 2021 39,529 $ 17.71 |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | Year Ended December 31,Computation of Basic EPS 2021 2020 2019Income (loss) from continuing operations$ (149,021) $ (115,499) $ 252,852Add (deduct): Noncontrolling interests in consolidated joint ventures 4,595 2,695 3,904Add (deduct): Noncontrolling interests in Operating Partnership 15,469 13,277 (23,724)Add (deduct): Redeemable noncontrolling interests (25,977) (25,883) (22,615)Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (7,290) (11,814) (25,885)Income (loss) from continuing operations available to common shareholders (162,224) (137,224) 184,532Income (loss) from discontinued operations available to common shareholders 35,892 74,023 (98,556)Net income (loss) available to common shareholders for basic earnings per share$ (126,332) $ (63,201) $ 85,976 Weighted average common shares 90,839 90,648 90,557 Basic EPS: Income (loss) from continuing operations available to common shareholders$ (1.79) $ (1.51) $ 2.04Income (loss) from discontinued operations available to common shareholders 0.40 0.81 (1.09)Net income (loss) available to common shareholders$ (1.39) $ (0.70) $ 0.95 Year Ended December 31,Computation of Diluted EPS 2021 2020 2019Net income (loss) from continuing operations available to common shareholders$ (162,224) $ (137,224) $ 184,532Add (deduct): Noncontrolling interests in Operating Partnership (15,469) (13,277) 23,724Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (726) (1,254) (2,855)Income (loss) from continuing operations for diluted earnings per share (178,419) (151,755) 205,401Income (loss) from discontinued operations for diluted earnings per share 39,482 81,901 (109,016)Net income (loss) available for diluted earnings per share$ (138,937) $ (69,854) $ 96,385 Weighted average common shares 99,893 100,260 100,689 Diluted EPS: Income (loss) from continuing operations available to common shareholders$ (1.79) $ (1.51) $ 2.04Income (loss) from discontinued operations available to common shareholders 0.40 0.81 (1.09)Net (income) loss available to common shareholders$ (1.39) $ (0.70) $ 0.95 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands): Year Ended December 31, 2021 2020 2019Basic EPS shares 90,839 90,648 90,557 Add: Operating Partnership – common and vested LTIP units 9,054 9,612 9,963 Stock Options - - 169 Diluted EPS Shares 99,893 100,260 100,689 |
VERIS RESIDENTIAL, L.P. [Member] | |
Stockholders Equity [Line Items] | |
Schedule Of Stock Option Plans | Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s)Outstanding at January 1, 2019 ($17.31) 800,000 $ 17.31 $ 1,824Granted, Lapsed or Cancelled - - Outstanding at December 31, 2019 ($17.31) 800,000 $ 17.31 4,656Granted 172,495 14.39 Outstanding at December 31, 2020 ($14.39 - $17.31) 972,495 $ 16.79 -Granted 1,107,505 16.10 Outstanding at December 31, 2021 ($14.39 - $20.00) 2,080,000 $ 16.42 $ 4,072Options exercisable at December 31, 2021 1,130,000 Available for grant at December 31, 2021 1,633,689 |
Schedule Of Restricted Stock Awards | Weighted-Average Grant – Date Shares Fair ValueOutstanding at January 1, 2019 67,289 $ 22.43Granted 42,690 21.08Vested (65,353) 22.34Forfeited (1,936) 25.83Outstanding at December 31, 2019 42,690 $ 21.08Granted 52,974 15.29Vested (42,690) 21.08Forfeited - -Outstanding at December 31, 2020 52,974 $ 15.29Granted 39,529 17.71Vested (52,974) 15.29Forfeited - - Outstanding at December 31, 2021 39,529 $ 17.71 |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | Year Ended December 31,Computation of Basic EPU 2021 2020 2019Income (loss) from continuing operations $ (149,021) $ (115,499) $ 252,852Add (deduct): Noncontrolling interests in consolidated joint ventures 4,595 2,695 3,904Add (deduct): Redeemable noncontrolling interests (25,977) (25,883) (22,615)Add (deduct): Redemption value adjustment of redeemable noncontrolling interests (8,016) (13,068) (28,740)Income (loss) from continuing operations available to unitholders (178,419) (151,755) 205,401Income (loss) from discontinued operations available to unitholders 39,482 81,901 (109,016)Net income (loss) available to common unitholders for basic earnings per unit $ (138,937) $ (69,854) $ 96,385 Weighted average common units 99,893 100,260 100,520 Basic EPU: Income (loss) from continuing operations available to unitholders $(1.79) $(1.51) $2.04Income (loss) from discontinued operations available to unitholders 0.40 0.81 (1.09)Net income (loss) available to common unitholders for basic earnings per unit $(1.39) $(0.70) $ 0.95 Year Ended December 31,Computation of Diluted EPU 2021 2020 2019Net income (loss) from continuing operations available to common unitholders $ (178,419) $ (151,755) $ 205,401Income (loss) from discontinued operations for diluted earnings per unit 39,482 81,901 (109,016)Net income (loss) available to common unitholders for diluted earnings per unit $ (138,937) $(69,854) $ 96,385 Weighted average common unit 99,893 100,260 100,689 Diluted EPU: Income (loss) from continuing operations available to common unitholders $(1.79) $(1.51) $2.04Income (loss) from discontinued operations available to common unitholders 0.40 0.81 (1.09)Net income (loss) available to common unitholders $(1.39) $(0.70) $ 0.95 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands): Year Ended December 31, 2021 2020 2019Basic EPU units 99,893 100,260 100,520 Add: Stock Options - - 169 Diluted EPU Units 99,893 100,260 100,689 |
AO LTIP Units Award [Member] | |
Stockholders Equity [Line Items] | |
Schedule Of Weighted Average Assumptions | AO LTIP Units Expected life (in years)5.5 - 6.0 Risk-free interest rate2.6%Volatility29.0%Dividend yield3.5% |
AO LTIP Units Award [Member] | VERIS RESIDENTIAL, L.P. [Member] | |
Stockholders Equity [Line Items] | |
Schedule Of Weighted Average Assumptions | AO LTIP Units Expected life (in years)5.5 - 6.0 Risk-free interest rate2.6%Volatility29.0%Dividend yield3.5% |
2013 Incentive Stock Plan [Member] | |
Stockholders Equity [Line Items] | |
Schedule Of Weighted Average Assumptions | 2021 2021 2021 2020 March June regular June premium stock options Expected life (in years)4.5 4.6 5.3 5.3 Risk-free interest rate0.79%0.71%0.94%0.41%Volatility35.0%35.0%34.0%31.0%Dividend yield1.6%1.5%1.4%2.7% |
2013 Incentive Stock Plan [Member] | VERIS RESIDENTIAL, L.P. [Member] | |
Stockholders Equity [Line Items] | |
Schedule Of Weighted Average Assumptions | 2021 2021 2021 2020 March June regular June premium stock options Expected life (in years)4.5 4.6 5.3 5.3 Risk-free interest rate0.79%0.71%0.94%0.41%Volatility35.0%35.0%34.0%31.0%Dividend yield1.6%1.5%1.4%2.7% |
Noncontrolling Interests In S_2
Noncontrolling Interests In Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
VERIS RESIDENTIAL, L.P. [Member] | |
Noncontrolling Interest [Line Items] | |
Changes In Noncontrolling Interests Of Subsidiaries | Common Units/Unvested LTIP Vested LTIP UnitsUnitsBalance at January 1, 2019 10,229,349 1,707,106Redemption of common units for shares of common stock (38,011) -Redemption of common units (665,918) -Conversion of vested LTIP units to common units 18,438 -Vested LTIP units 68,206 (86,644)Issuance of units - 565,623Cancellation of units - (359,754) Balance at December 31, 2019 9,612,064 1,826,331 Redemption of common units for shares of common stock - -Redemption of common units (138,615) -Conversion of vested LTIP units to common units 38,626 Vested LTIP units 136,957 (175,583)Issuance of units - 1,287,568Cancellation of units (1) (1,215,387) Balance at December 31, 2020 9,649,031 1,722,929 Redemption of common units for shares of common stock (175,257) -Redemption of common units (730,850) -Conversion of vested LTIP units to common units 205,434 -Vested LTIP units 65,176 (270,610)Issuance of units - 334,449Cancellation of units - (540,016) Balance at December 31, 2021 9,013,534 1,246,752 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |
Schedule Of Selected Results Of Operations And Asset Information | Commercial Multifamily Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) CompanyTotal revenues: 2021$ 159,532 $ 171,030 $ (1,245) $ 329,317 2020 155,045 156,841 1,676 313,562 2019 184,966 170,833 1,403 357,202 Total operating and interest expenses (a): 2021$ 64,409 $ 108,197 $ 108,850 $ 281,456 2020 73,160 95,631 127,184 295,975 2019 80,018 89,512 127,425 296,955 Equity in earnings (loss) of unconsolidated joint ventures: 2021$ (111) $ (4,140) $ $ (4,251)2020 (2,254) (1,578) - (3,832)2019 (1,194) (125) - (1,319) Net operating income (loss) (b): Three months ended: 2021$ 95,012 $ 58,693 $ (110,095) $ 43,610 2020 79,631 59,632 (125,508) 13,755 2019 103,754 81,196 (126,022) 58,928 Total assets: 2021$ 1,216,717 $ 3,294,226 $ 16,375 $ 4,527,318 2020 1,881,161 3,249,516 17,109 5,147,786 Total long-lived assets (c): 2021$ 1,087,198 $ 3,098,492 $ (1,309) $ 4,184,381 2020 1,693,054 3,035,485 (1,411) 4,727,128 Total investments in unconsolidated joint ventures: 2021$ - $ 137,772 $ - $ 137,772 2020 5,555 156,827 - 162,382 (a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition-related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.(b)Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.(c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d)Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations.(e)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | Year Ended December 31, 2021 2020 2019Net operating income$ 43,610 $ 13,755 $ 58,928Add (deduct): Depreciation and amortization (111,618) (122,035) (133,597)Land and other impairments, net (23,719) (16,817) (32,444)Property impairments (13,467) (36,582) -Gain on change of control of interests - - 13,790Realized gains (losses) and unrealized losses on disposition of rental property, net 3,022 5,481 343,102Gain on disposition of developable land 2,115 5,787 522Gain on sale from unconsolidated joint ventures (1,886) 35,184 903Gain (loss) from extinguishment of debt, net (47,078) (272) 1,648Income (loss) from continuing operations (149,021) (115,499) 252,852Discontinued operations Income from discontinued operations 13,930 70,700 24,334Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 25,552 11,201 (133,350)Total discontinued operations, net 39,482 81,901 (109,016)Net income (loss) (109,539) (33,598) 143,836Noncontrolling interests in consolidated joint ventures 4,595 2,695 3,904Noncontrolling interests in Operating Partnership 15,469 13,277 (23,724)Noncontrolling interest in discontinued operations (3,590) (7,878) 10,460Redeemable noncontrolling interests (25,977) (25,883) (22,615)Net income (loss) available to common shareholders$ (119,042) $ (51,387) $ 111,861 |
VERIS RESIDENTIAL, L.P. [Member] | |
Segment Reporting Information [Line Items] | |
Schedule Of Selected Results Of Operations And Asset Information | Commercial Multifamily Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) CompanyTotal revenues: 2021$ 159,532 $ 171,030 $ (1,245) $ 329,317 2020 155,045 156,841 1,676 313,562 2019 184,966 170,833 1,403 357,202 Total operating and interest expenses (a): 2021$ 64,409 $ 108,197 $ 108,850 $ 281,456 2020 73,160 95,631 127,184 295,975 2019 80,018 89,512 127,425 296,955 Equity in earnings (loss) of unconsolidated joint ventures: 2021$ (111) $ (4,140) $ $ (4,251)2020 (2,254) (1,578) - (3,832)2019 (1,194) (125) - (1,319) Net operating income (loss) (b): Three months ended: 2021$ 95,012 $ 58,693 $ (110,095) $ 43,610 2020 79,631 59,632 (125,508) 13,755 2019 103,754 81,196 (126,022) 58,928 Total assets: 2021$ 1,216,717 $ 3,294,226 $ 16,375 $ 4,527,318 2020 1,881,161 3,249,516 17,109 5,147,786 Total long-lived assets (c): 2021$ 1,087,198 $ 3,098,492 $ (1,309) $ 4,184,381 2020 1,693,054 3,035,485 (1,411) 4,727,128 Total investments in unconsolidated joint ventures: 2021$ - $ 137,772 $ - $ 137,772 2020 5,555 156,827 - 162,382 (a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition-related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.(b)Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.(c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d)Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations.(e)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | Year Ended December 31, 2021 2020 2019Net operating income$ 43,610 $ 13,755 $ 58,928Add (deduct): Depreciation and amortization (111,618) (122,035) (133,597)Land and other impairments, net (23,719) (16,817) (32,444)Property impairments (13,467) (36,582) -Gain on change of control of interests - - 13,790Realized gains (losses) and unrealized losses on disposition of rental property, net 3,022 5,481 343,102Gain on disposition of developable land 2,115 5,787 522Gain on sale from unconsolidated joint ventures (1,886) 35,184 903Gain (loss) from extinguishment of debt, net (47,078) (272) 1,648Income (loss) from continuing operations (149,021) (115,499) 252,852Discontinued operations Income from discontinued operations 13,930 70,700 24,334Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 25,552 11,201 (133,350)Total discontinued operations, net 39,482 81,901 (109,016)Net income (loss) (109,539) (33,598) 143,836Noncontrolling interests in consolidated joint ventures 4,595 2,695 3,904Redeemable noncontrolling interests (25,977) (25,883) (22,615)Net income (loss) available to common unitholders$ (130,921) $ (56,786) $ 125,125 |
Condensed Quarterly Financial_2
Condensed Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Condensed Quarterly Financial Information | Quarter Ended 2021 December 31 September 30 June 30 March 31Total revenues$ 88,233 $ 83,744 $ 81,247 $ 76,093Net income (loss)$ (23,237) $ (25,792) $ (74,031) $ 13,521Net income (loss) available to common shareholders$ (26,272) $ (28,314) $ (72,079) $ 7,623 ` Basic earnings per common share: Income from continuing operations$(0.32) $(0.34) $(0.86) $(0.28)Discontinued operations - 0.01 0.05 0.34Net income (loss) available to common shareholders$(0.32) $(0.33) $(0.81) $0.06 Diluted earnings per common share: Income from continuing operations$ (0.32) $ (0.34) $(0.86) $(0.28)Discontinued operations - 0.01 0.05 0.34Net income (loss) available to common shareholders$(0.32) $(0.33) $(0.81) $0.06 Quarter Ended 2020 December 31 September 30 June 30 March 31Total revenues$ 76,564 $ 79,197 $ 74,197 $ 83,604Net income (loss)$ 78,298 $ (41,118) $ (32,934) $ (37,844)Net income (loss) available to common shareholders$ 65,632 $ (42,208) $ (34,887) $ (39,924) ` Basic earnings per common share: Income from continuing operations$0.22 $(0.83) $(0.50) $(0.40)Discontinued operations 0.45 0.34 0.09 (0.07)Net income (loss) available to common shareholders$0.67 $(0.49) $(0.41) $(0.47) Diluted earnings per common share: Income from continuing operations$0.22 $ (0.83) $(0.50) $(0.40)Discontinued operations 0.45 0.34 0.09 (0.07)Net income (loss) available to common shareholders$0.67 $(0.49) $(0.41) $(0.47) |
VERIS RESIDENTIAL, L.P. [Member] | |
Summary Of Condensed Quarterly Financial Information | Quarter Ended 2021 December 31 September 30 June 30 March 31Total revenues$ 88,233 $ 83,744 $ 81,247 $ 76,093Net income (loss)$ (23,237) $ (25,792) $ (74,031) $ 13,521Net income (loss) available to common unitholders$ (28,876) $ (31,126) $ (79,304) $ 8,385 Basic earnings per common unit: Income from continuing operations$(0.32) $(0.34) $(0.86) $(0.28)Discontinued operations - 0.01 0.05 0.34Net income (loss) available to common unitholders$(0.32) $(0.33) $(0.81) $0.06 Diluted earnings per common units: Income from continuing operations$(0.32) $(0.34) $(0.86) $(0.28)Discontinued operations - 0.01 0.05 0.34Net income (loss) available to common unitholders$(0.32) $(0.33) $(0.81) $0.06 Quarter Ended 2020 December 31 September 30 June 30 March 31Total revenues$ 76,564 $ 79,197 $ 74,197 $ 83,604Net income (loss)$ 78,298 $ (41,118) $ (32,934) $ (37,844)Net income (loss) available to common unitholders$ 72,623 $ (46,694) $ (38,576) $ (44,139) Basic earnings per common unit: Income from continuing operations$0.22 $(0.83) $(0.50) $(0.40)Discontinued operations 0.45 0.34 0.09 (0.07)Net income (loss) available to common unitholders$0.67 $(0.49) $(0.41) $(0.47) Diluted earnings per common unit: Income from continuing operations$0.22 $(0.83) $(0.50) $(0.40)Discontinued operations 0.45 0.34 0.09 (0.07)Net income (loss) available to common unitholders$0.67 $(0.49) $(0.41) $(0.47) |
Organization And Basis Of Pre_2
Organization And Basis Of Presentation (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)ft²propertyitem | Dec. 31, 2020USD ($)ft²item | Dec. 19, 2019ft² | |
Real Estate Properties [Line Items] | |||
Percentage of ownership interest | 91.00% | 90.40% | |
Number of properties owned or investment interests | 36 | ||
Number of units | item | 506 | 326 | |
Consolidated joint ventures, total real estate assets | $ | $ 477.5 | $ 486.1 | |
Consolidated joint ventures, other assets | $ | 5.3 | 4.5 | |
Consolidated joint ventures, mortgages | $ | 285.7 | 284.8 | |
Consolidated joint ventures, other liabilities | $ | $ 21.2 | $ 21 | |
Area of property (in square feet) | ft² | 3,049,313 | 2,725,639 | |
Increase in land and other impairments | $ | $ 2.5 | ||
Company Controlled Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 27 | ||
Multi-Family Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 22 | ||
Non-Core Assets [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 12 | ||
Multi-Family Properties, Investment [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 7 | ||
Non-Core Assets, Investment [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 2 | ||
Multi-Family Properties, Company Controlled [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 15 | ||
Office [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 7 | ||
Unconsolidated Joint Ventures Office And Retail Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 9 | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of units | item | 2,146 | ||
Unconsolidated Joint Venture Office/Flex Buildings And Hotel [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 3 | ||
Parking/Retail [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 4 | ||
Suburban Office Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Area of property (in square feet) | ft² | 6,600,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | ||||
Capitalized development and construction salaries and other related costs | $ 2,400,000 | $ 2,000,000 | $ 2,100,000 | |
Maximum period after cessation of major construction activity that projects are considered complete | 1 year | |||
Threshold of investment value for discontinuation of equity method accounting | $ 0 | |||
Amortization of deferred financing costs | 4,600,000 | 4,600,000 | 4,600,000 | |
Losses on extinguishment of debt, including discontinued operations | (47,100,000) | (300,000) | 1,600,000 | |
Write-off of unamortized deferred financing costs | 0 | 0 | 400,000 | |
Leasing personnel costs | 1,500,000 | 1,500,000 | 2,300,000 | |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 2,900,000 | $ 2,945,000 | ||
Goodwill impairment | 2,900,000 | |||
Difference between the estimated net basis and net assets of the rental property for federal income tax purposes | 941,600,000 | |||
Deferred tax asset | 29,200,000 | |||
Income taxes, material adjustment amount | $ 0 | |||
Dividends paid per common share | $ 0.60 | $ 0.80 | ||
Dividends paid, percent representing ordinary income | 19.00% | |||
Dividends paid, percent representing capital gain | 81.00% | 100.00% | ||
Stock compensation expense | $ 10,800,000 | $ 7,600,000 | 8,200,000 | |
VERIS RESIDENTIAL, L.P. [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Taxable income | $ (17,700,000) | $ 79,300,000 | $ 71,200,000 | |
Common units outstanding | 9,013,534 | 9,649,031 | 9,612,064 | 10,229,349 |
LTIP units outstanding | 1,246,752 | 1,722,929 | 1,826,331 | 1,707,106 |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Rental Property Improvements) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Land held for development (including pre-development costs, if any) | $ 341,496,000 | $ 364,946,000 |
Development and construction in progress, including land | 694,768,000 | 733,560,000 |
Total | 1,036,264,000 | 1,098,506,000 |
Buildings and improvement | 150,900,000 | 160,300,000 |
Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | 68,800,000 | $ 74,900,000 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and improvement | 81,300,000 | |
Land | $ 115,500,000 |
Significant Accounting Polici_6
Significant Accounting Policies (Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Minimum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Maximum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Maximum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Recent Transactions (Unconsolid
Recent Transactions (Unconsolidated Joint Venture Activity) (Narrative) (Details) - USD ($) | Sep. 01, 2021 | Apr. 29, 2021 | Dec. 17, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate Properties [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | $ (1,886,000) | $ 35,184,000 | $ 903,000 | |||
Sale price | $ 1,900,000 | |||||
Crystal House [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Gain on sale | $ 35,100,000 | |||||
Crystal House [Member] | Unconsolidated Joint Venture Office Buildings [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | 376,600,000 | |||||
Gain on sale | 35,100,000 | |||||
Gain (loss) on sale of property | 62,700,000 | |||||
Hillsborough 206 [Member] | Unconsolidated Joint Venture Developable Land [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Gain on sale | $ 100,000 | |||||
Sale price | $ 2,100,000 | |||||
12 Vreeland Road [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Sale price | $ 2,000,000 | |||||
12 Vreeland Road [Member] | Unconsolidated Joint Venture Office Buildings [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Gain (loss) on sale of property | 0 | |||||
Sale price | $ 2,000,000 | |||||
Offices At Crystal Lake [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Loss on Sale of Investments | 1,900,000 | |||||
Sale price | 1,900,000 | |||||
Offices At Crystal Lake [Member] | Unconsolidated Joint Venture Office Buildings [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Loss on Sale of Investments | $ (1,900,000) | |||||
Sale price | $ 1,900,000 |
Recent Transactions (Consolidat
Recent Transactions (Consolidation) (Narrative) (Details) | Mar. 12, 2020USD ($)ft² | Dec. 31, 2021USD ($)ft²item | Dec. 31, 2020USD ($)ft²item | Dec. 31, 2019USD ($) |
Real Estate Properties [Line Items] | ||||
Area of property (in square feet) | ft² | 3,049,313 | 2,725,639 | ||
Purchase price of property | $ 65,101,000 | $ 138,688,000 | $ 88,240,000 | |
Gain on change of control of interests | $ 13,790,000 | |||
Loan balance | 2,400,000,000 | 2,800,000,000 | ||
Total noncontrolling interests in subsidiaries | $ 167,436,000 | $ 193,563,000 | ||
Number of units | item | 506 | 326 | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units | item | 2,146 | |||
Port Imperial North Retail, L.L.C. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Total consolidated net assets | $ 15,033,000 | |||
Port Imperial North Retail, L.L.C. [Member] | Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Percentage of additional interest acquired | 80.00% | |||
Area of property (in square feet) | ft² | 30,745 | |||
Purchase price of property | $ 13,300,000 | |||
Gain on change of control of interests | 0 | |||
Total consolidated net assets | $ 15,000,000 |
Recent Transactions (Real Estat
Recent Transactions (Real Estate Held For Sale/Discontinued Operations/Dispositions) (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | 27 Months Ended | |||
Jan. 31, 2022USD ($) | Dec. 31, 2021USD ($)ft²property | Dec. 31, 2020USD ($)ft²propertyitem | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($)ft²property | Dec. 19, 2019ft² | |
Real Estate Properties [Line Items] | ||||||
Area of property (in square feet) | ft² | 3,049,313 | 2,725,639 | 3,049,313 | |||
Land and other impairments, net | $ 23,719 | $ 16,817 | $ 32,444 | |||
Proceeds from the sale of property | 52,391 | 64,947 | 825,613 | |||
Book value | 4,076,866 | 4,638,643 | $ 4,076,866 | |||
Less - accumulated depreciation and amortization | 583,416 | 656,331 | $ 583,416 | |||
Impairment Of Land And Other | $ 23,719 | $ 16,817 | $ 32,444 | |||
Suburban Office Portfolio [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Area of property (in square feet) | ft² | 6,600,000 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Area of property (in square feet) | ft² | 6,300,000 | 6,300,000 | ||||
Gain (loss) on sale of property | $ 1,000 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Subsequent Event [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Proceeds from the sale of property | $ 210,000 | |||||
Repayment of debt | $ 150,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | property | 16 | |||||
Area of property (in square feet) | ft² | 3,000,000 | |||||
Number of disposal groups | item | 6 | |||||
Disposal Group, Not Discontinued Operations [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Unrealized gains (losses) on real estate held for sale | $ (1,682) | |||||
Discontinued Operations [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Unrealized gains (losses) on real estate held for sale | $ 3,700 | (14,040) | ||||
Gain (loss) on sale of property | $ 25,241 | |||||
Land and other impairments, net | 10,200 | |||||
Impairment Of Land And Other | 10,200 | |||||
Disposal Group, Held-for-sale, Under Contract [Member] | Suburban Office Portfolio [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | property | 15 | |||||
Area of property (in square feet) | ft² | 2,800,000 | |||||
Gain (loss) on sale of property | $ 652,400 | |||||
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Unrealized gains (losses) on real estate held for sale | $ (15,700) | |||||
Number of properties not expected to recover from estimated net sales proceeds | property | 6 | |||||
Land and other impairments, net | $ 9,500 | |||||
Number of disposal groups | item | 3 | |||||
Less - accumulated depreciation and amortization | $ 169,031 | |||||
Impairment Of Land And Other | 9,500 | |||||
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Less - accumulated depreciation and amortization | $ 161,040 | |||||
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | property | 16 | |||||
Unrealized gains (losses) on real estate held for sale | $ (15,700) | |||||
Number of properties not expected to recover from estimated net sales proceeds | property | 6 | |||||
Land and other impairments, net | $ 9,500 | |||||
Impairment Of Land And Other | 9,500 | |||||
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | Discontinued Operations [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Unrealized gains (losses) on real estate held for sale | $ 14,000 | |||||
Hoboken, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Net proceeds | 575,000 | |||||
Repayment of debt | 400,000 | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 20,000 | |||||
Parsippany, New Jersey [Member] | Discontinued Operations [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | property | 2 | |||||
Book value | $ 11,300 | |||||
Holmdel, New Jersey [Member] | Discontinued Operations [Member] | Suburban Office Portfolio [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Area of property (in square feet) | ft² | 350,000 | |||||
Book value | $ 19,800 | |||||
Less - accumulated depreciation and amortization | 10,500 | |||||
Reversal of valuation allowance | $ 2,800 | |||||
Fort Lee, Parsippany, Madison, Short Hills, Edison, Red Bank, Florham Park [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of disposal groups | item | 6 | |||||
Jersey City And Hoboken [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | property | 2 | 2 | ||||
Area of property (in square feet) | ft² | 1,800,000 | 1,800,000 |
Recent Transactions (Impairment
Recent Transactions (Impairments On Properties Held And Used) (Narrative) (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | ||
Mar. 31, 2020property | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | May 31, 2021property | |
Real Estate Properties [Line Items] | ||||||
Property impairments | $ 36,600 | |||||
Land and other impairments, net | $ 23,719 | $ 16,817 | $ 32,444 | |||
Office [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Property impairments | 6,000 | |||||
Land Parcels [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Properties | property | 3 | |||||
Land and other impairments, net | 14,300 | $ 7,300 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Hotel Income [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Property impairments | 7,400 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Property impairments | 6,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Land Parcels [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Properties | property | 3 | |||||
Land and other impairments, net | 14,300 | $ 7,300 | ||||
Disposal Group, Not Discontinued Operations [Member] | Hotel Income [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of properties closed | property | 1 | |||||
Weehawken, New Jersey [Member] | Hotel Income [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Property impairments | $ 36,600 | $ 7,400 | ||||
Properties | property | 2 | 2 | ||||
Number of properties closed | property | 1 | |||||
Weehawken, New Jersey [Member] | Disposal Group, Not Discontinued Operations [Member] | Hotel Income [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Properties | property | 2 |
Recent Transactions (Schedule O
Recent Transactions (Schedule Of Properties Which Commenced Initial Operations) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($)item | |
Real Estate Properties [Line Items] | |||
Total number of Apartment Units | item | 506 | 326 | |
Total Development Costs Incurred | $ 265,902,000 | $ 103,993,000 | |
Emery At Overlook Ridge [Member] | |||
Real Estate Properties [Line Items] | |||
Total number of Apartment Units | item | 326 | ||
Total Development Costs Incurred | $ 103,993,000 | ||
Upton [Member] | |||
Real Estate Properties [Line Items] | |||
Total number of Apartment Units | item | 193 | ||
Total Development Costs Incurred | $ 101,269,000 | ||
Upton [Member] | Land [Member] | |||
Real Estate Properties [Line Items] | |||
Total Development Costs Incurred | $ 2,900,000 | ||
Riverhouse [Member] | |||
Real Estate Properties [Line Items] | |||
Total number of Apartment Units | item | 313 | ||
Total Development Costs Incurred | $ 164,633,000 | ||
Riverhouse [Member] | Land [Member] | |||
Real Estate Properties [Line Items] | |||
Total Development Costs Incurred | $ 2,700,000 | ||
Parsippany, New Jersey [Member] | Land [Member] | |||
Real Estate Properties [Line Items] | |||
Total Development Costs Incurred | $ 5,100,000 |
Recent Transactions (Schedule_2
Recent Transactions (Schedule Of Net Assets Recorded Upon Consolidation) (Details) - Port Imperial North Retail, L.L.C. [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Business Acquisition [Line Items] | |
Land and leasehold interests | $ 4,305 |
Buildings and improvements and other assets, net | 8,912 |
In-place lease values | 1,503 |
Above/Below market lease value, net | 313 |
Net assets recorded upon consolidation | $ 15,033 |
In-Place And Below Market Leases [Member] | |
Business Acquisition [Line Items] | |
Amortization period | 7 years 6 months |
Recent Transactions (Schedule_3
Recent Transactions (Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Less: Accumulated depreciation | $ (583,416) | $ (656,331) |
Real estate held for sale, net | 618,646 | 656,963 |
Fort Lee, Parsippany, Madison, Short Hills, Edison, Red Bank, Florham Park [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Unbilled rents receivable, net | 19,318 | |
Deferred charges, net | 15,981 | |
Total intangibles, net | 26,069 | |
Total deferred charges & other assets, net | 43,178 | |
Mortgages & loans payable, net | (123,768) | |
Total below market liability | (6,538) | |
Accounts payable, accrued exp & other liability | (17,052) | |
Unearned rents/deferred rental income | (8,639) | |
Fort Lee, Parsippany, Madison, Short Hills, Edison, Red Bank, Florham Park [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Other Assets Held for Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Unbilled rents receivable, net | 2,102 | |
Deferred charges, net | 661 | |
Total deferred charges & other assets, net | 665 | |
Accounts payable, accrued exp & other liability | (80) | |
Unearned rents/deferred rental income | (217) | |
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 164,211 | |
Buildings & Other | 779,871 | |
Less: Accumulated depreciation | (169,031) | |
Less: Cumulative unrealized losses on property held for sale | (118,088) | |
Real estate held for sale, net | 656,963 | |
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Other Assets Held for Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 159,968 | 76,396 |
Buildings & Other | 618,216 | 42,202 |
Less: Accumulated depreciation | (159,538) | (7,991) |
Less: Cumulative unrealized losses on property held for sale | (40,731) | |
Real estate held for sale, net | 618,646 | 69,876 |
Unbilled rents receivable, net | 30,526 | |
Deferred charges, net | 16,056 | |
Total intangibles, net | 31,155 | |
Total deferred charges & other assets, net | 69,410 | |
Mortgages & loans payable, net | (397,953) | |
Total below market liability | (24,098) | |
Accounts payable, accrued exp & other liability | (49,648) | |
Unearned rents/deferred rental income | $ (5,831) | |
Suburban Office Portfolio [Member] | Fort Lee, Parsippany, Madison, Short Hills, Edison, Red Bank, Florham Park [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Other Assets Held for Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Unbilled rents receivable, net | 17,216 | |
Deferred charges, net | 15,320 | |
Total intangibles, net | 26,069 | |
Total deferred charges & other assets, net | 42,513 | |
Mortgages & loans payable, net | (123,768) | |
Total below market liability | (6,538) | |
Accounts payable, accrued exp & other liability | (16,972) | |
Unearned rents/deferred rental income | (8,422) | |
Suburban Office Portfolio [Member] | Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 87,815 | |
Buildings & Other | 737,669 | |
Less: Accumulated depreciation | (161,040) | |
Less: Cumulative unrealized losses on property held for sale | (77,357) | |
Real estate held for sale, net | $ 587,087 |
Recent Transactions (Schedule_4
Recent Transactions (Schedule Of Disposed Properties) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)ft²itemshares | Dec. 31, 2020USD ($)ft²item | Dec. 31, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 3,049,313 | 2,725,639 | |
Area of property (in square feet) | ft² | 3,049,313 | 2,725,639 | |
Valuation allowance | $ 29,200 | ||
Redemption of common units, shares | shares | 53,000 | ||
Value of units redeemed | $ 900 | ||
100 Overlook Center [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 149,600 | ||
Area of property (in square feet) | ft² | 149,600 | ||
Metropark Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 926,656 | ||
Area of property (in square feet) | ft² | 926,656 | ||
Short Hills Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 828,413 | ||
Area of property (in square feet) | ft² | 828,413 | ||
Red Bank Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 659,490 | ||
Area of property (in square feet) | ft² | 659,490 | ||
7 Giralda Farms [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 236,674 | ||
Area of property (in square feet) | ft² | 236,674 | ||
4 Gatehall Drive [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 248,480 | ||
Area of property (in square feet) | ft² | 248,480 | ||
One Bridge Plaza [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 200,000 | ||
Area of property (in square feet) | ft² | 200,000 | ||
Giralda Farms, 3 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 141,000 | ||
Area of property (in square feet) | ft² | 141,000 | ||
Morris Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 1,448,420 | ||
Area of property (in square feet) | ft² | 1,448,420 | ||
Columbia Turnpike, 325 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 168,144 | ||
Area of property (in square feet) | ft² | 168,144 | ||
Campus Drive, 9 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 156,945 | ||
Area of property (in square feet) | ft² | 156,945 | ||
Vaughn Drive, 3&5 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 98,500 | ||
Area of property (in square feet) | ft² | 98,500 | ||
Campus Drive, 7 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 154,395 | ||
Area of property (in square feet) | ft² | 154,395 | ||
Main Street, 581 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 200,000 | ||
Area of property (in square feet) | ft² | 200,000 | ||
College Road, 500 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 158,235 | ||
Area of property (in square feet) | ft² | 158,235 | ||
Dennis St, 5/10 And 100 Hiram Sq [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rentable Square Feet (sf) | ft² | 200 | ||
Area of property (in square feet) | ft² | 200 | ||
Disposal Group, Not Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 16 | 20 | |
Net Sales Proceeds | $ 711,270 | $ 370,754 | |
Net Carrying Value | 682,696 | 338,350 | |
Realized Gains (Losses)/Unrealized Losses, net | $ 3,022 | 7,163 | |
Gain (Loss) on Disposition Of Real Estate, Net | 5,481 | ||
Unrealized gains (losses) on real estate held for sale | $ (1,682) | ||
Disposal Group, Not Discontinued Operations [Member] | 100 Overlook Center [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 1 | ||
Net Sales Proceeds | $ 34,724 | ||
Net Carrying Value | $ 26,488 | ||
Redemption of common units, shares | shares | 678,302 | ||
Value of units redeemed | $ 10,500 | ||
Disposal Group, Not Discontinued Operations [Member] | Metropark Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 4 | ||
Net Sales Proceeds | $ 247,351 | ||
Net Carrying Value | 233,826 | ||
Notes receivable to an affiliate | $ 10,000 | ||
Disposal Group, Not Discontinued Operations [Member] | Short Hills Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 4 | ||
Net Sales Proceeds | $ 248,664 | ||
Net Carrying Value | 245,800 | ||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 22,600 | ||
Disposal Group, Not Discontinued Operations [Member] | Red Bank Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 5 | ||
Net Sales Proceeds | $ 80,730 | ||
Net Carrying Value | 78,364 | ||
Disposal Group, Not Discontinued Operations [Member] | Retail Land Leases [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | 41,957 | ||
Net Carrying Value | 37,951 | ||
Realized Gains (Losses)/Unrealized Losses, net | $ 4,006 | ||
Disposal Group, Not Discontinued Operations [Member] | 7 Giralda Farms [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 1 | ||
Net Sales Proceeds | $ 28,182 | ||
Net Carrying Value | $ 30,143 | ||
Disposal Group, Not Discontinued Operations [Member] | 4 Gatehall Drive [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 1 | ||
Net Sales Proceeds | $ 24,239 | ||
Net Carrying Value | 23,717 | ||
Disposal Group, Not Discontinued Operations [Member] | Retail land lease Unit B [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | 5,423 | ||
Net Carrying Value | 6,407 | ||
Realized Gains (Losses)/Unrealized Losses, net | (984) | ||
Disposal Group, Not Discontinued Operations [Member] | One Bridge Plaza [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 1 | ||
Net Sales Proceeds | $ 35,065 | ||
Net Carrying Value | $ 17,743 | ||
Disposal Group, Not Discontinued Operations [Member] | Giralda Farms, 3 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 1 | ||
Net Sales Proceeds | $ 7,510 | ||
Net Carrying Value | $ 9,534 | ||
Disposal Group, Not Discontinued Operations [Member] | Morris Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 10 | ||
Net Sales Proceeds | $ 155,116 | ||
Net Carrying Value | $ 175,772 | ||
Disposal Group, Not Discontinued Operations [Member] | Columbia Turnpike, 325 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 1 | ||
Net Sales Proceeds | $ 24,276 | ||
Net Carrying Value | $ 8,020 | ||
Disposal Group, Not Discontinued Operations [Member] | Campus Drive, 9 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 1 | ||
Net Sales Proceeds | $ 20,678 | ||
Net Carrying Value | $ 22,162 | ||
Valuation allowance | $ 3,500 | ||
Disposal Group, Not Discontinued Operations [Member] | Vaughn Drive, 3&5 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 1 | ||
Net Sales Proceeds | $ 7,282 | ||
Net Carrying Value | $ 5,754 | ||
Disposal Group, Not Discontinued Operations [Member] | Campus Drive, 7 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 1 | ||
Net Sales Proceeds | $ 12,278 | ||
Net Carrying Value | $ 11,804 | ||
Disposal Group, Not Discontinued Operations [Member] | Main Street, 581 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 1 | ||
Net Sales Proceeds | $ 58,400 | ||
Net Carrying Value | $ 43,113 | ||
Disposal Group, Not Discontinued Operations [Member] | College Road, 500 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 1 | ||
Net Sales Proceeds | $ 4,582 | ||
Net Carrying Value | $ 6,044 | ||
Disposal Group, Not Discontinued Operations [Member] | Dennis St, 5/10 And 100 Hiram Sq [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | item | 2 | ||
Net Sales Proceeds | $ 45,567 | ||
Net Carrying Value | 38,404 | ||
Realized Gains (Losses)/Unrealized Losses, net | 7,163 | ||
Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | 25,241 | ||
Unrealized gains (losses) on real estate held for sale | 3,700 | (14,040) | |
Totals | 25,552 | 11,201 | |
Discontinued Operations [Member] | 100 Overlook Center [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | 8,236 | ||
Discontinued Operations [Member] | Metropark Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | 13,525 | ||
Discontinued Operations [Member] | Short Hills Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | 2,864 | ||
Discontinued Operations [Member] | Red Bank Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | 2,366 | ||
Discontinued Operations [Member] | 7 Giralda Farms [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | (1,961) | ||
Discontinued Operations [Member] | 4 Gatehall Drive [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | $ 522 | ||
Discontinued Operations [Member] | One Bridge Plaza [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | 17,322 | ||
Discontinued Operations [Member] | Giralda Farms, 3 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | (2,024) | ||
Discontinued Operations [Member] | Morris Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | (20,656) | ||
Discontinued Operations [Member] | Columbia Turnpike, 325 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | 16,256 | ||
Discontinued Operations [Member] | Campus Drive, 9 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | (1,484) | ||
Discontinued Operations [Member] | Vaughn Drive, 3&5 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | 1,528 | ||
Discontinued Operations [Member] | Campus Drive, 7 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | 474 | ||
Discontinued Operations [Member] | Main Street, 581 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | 15,287 | ||
Discontinued Operations [Member] | College Road, 500 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/Unrealized Losses, net | (1,462) | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Giralda Farms, 3 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Valuation allowance | 2,000 | 16,700 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Morris Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Valuation allowance | 21,600 | 32,500 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Campus Drive, 7 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Valuation allowance | $ 6,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | College Road, 500 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Valuation allowance | $ 1,900 |
Recent Transactions (Schedule_5
Recent Transactions (Schedule Of Disposed Developable Land) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | $ 18,917 | ||
Net Carrying Value | 13,130 | ||
Realized Gains (losses)/Unrealized Losses, net | 5,787 | ||
Land impairments | $ 23,719 | 16,817 | $ 32,444 |
Disposal Group, Not Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | 5,011 | ||
Net Carrying Value | 2,896 | ||
Realized Gains (losses)/Unrealized Losses, net | 2,115 | ||
230 & 250 Half Mile Road [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | 7,018 | ||
Net Carrying Value | 2,969 | ||
Realized Gains (losses)/Unrealized Losses, net | 4,049 | ||
Capital Office Park Land [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | 8,974 | ||
Net Carrying Value | 8,210 | ||
Realized Gains (losses)/Unrealized Losses, net | 764 | ||
14 & 16 Skyline Drive [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | 2,925 | ||
Net Carrying Value | 1,951 | ||
Realized Gains (losses)/Unrealized Losses, net | $ 974 | ||
Horizon Common Area [Member] | Disposal Group, Not Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | 745 | ||
Net Carrying Value | 634 | ||
Realized Gains (losses)/Unrealized Losses, net | 111 | ||
University Ave, 346/360 [Member] | Disposal Group, Not Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | 4,266 | ||
Net Carrying Value | 2,262 | ||
Realized Gains (losses)/Unrealized Losses, net | $ 2,004 |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)ft²itemproperty | Dec. 31, 2020USD ($)ft²item | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Carrying Value | $ 137,772 | $ 162,382 | |
Area of property (in square feet) | ft² | 3,049,313 | 2,725,639 | |
Number of units | item | 506 | 326 | |
Amount outstanding | $ 148,000 | $ 25,000 | |
Management, leasing, development and other services fees | 3,400 | 4,900 | $ 5,300 |
Accounts receivable due from unconsolidated joint ventures | 200 | 300 | |
Gain (loss) from the sale | (1,886) | 35,184 | $ 903 |
Unconsolidated Joint Venture Other Property [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Carrying Value | $ 137,772 | $ 162,382 | |
Unconsolidated Joint Venture Retail Buildings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Area of mixed use project (in square feet) | ft² | 51,000 | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties | property | 7 | ||
Number of units | item | 2,146 | ||
Unconsolidated Joint Venture Hotel [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of units | item | 351 | ||
Unconsolidated Joint Venture Land Parcels [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of units | item | 1,621 | ||
Unconsolidated Joint Ventures [Member] | Guarantee of Indebtedness of Others [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Amount outstanding | $ 191,200 | ||
Unconsolidated Joint Ventures [Member] | Parent Company [Member] | Guarantee of Indebtedness of Others [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Amount outstanding | $ 22,000 | ||
Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of interest in venture | 20.00% | ||
Minimum [Member] | Unconsolidated Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Lease, Operational | 89.80% | ||
Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of interest in venture | 85.00% | ||
Maximum [Member] | Unconsolidated Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Lease, Operational | 99.20% |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details) $ in Thousands | Dec. 22, 2021USD ($) | Sep. 01, 2021USD ($) | Apr. 29, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($)ft²item | Dec. 31, 2020USD ($)ft²item | Dec. 31, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Apartment Units | item | 506 | 326 | |||||
Rentable Square Feet (sf) | ft² | 3,049,313 | 2,725,639 | |||||
Carrying Value | $ 137,772 | $ 162,382 | |||||
Purchase price of property | $ 65,101 | 138,688 | $ 88,240 | ||||
Property impairments on continuing operations | $ 36,600 | ||||||
Sale price | $ 1,900 | ||||||
Minimum [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's Effective Ownership % | 20.00% | ||||||
Maximum [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's Effective Ownership % | 85.00% | ||||||
PI North - Riverwalk C [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Repayments of Long-term Debt | $ 108,300 | ||||||
Debt Instrument, Face Amount | 135,000 | ||||||
Proceeds from Issuance of Debt | $ 9,200 | ||||||
Urby At Harborside [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's Effective Ownership % | 85.00% | ||||||
Guaranteed amount | $ 22,000 | ||||||
PI North - Land [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Residual ownership interest | 20.00% | ||||||
Number of units available for development | item | 771 | ||||||
12 Vreeland Road [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Sale price | $ 2,000 | ||||||
Offices At Crystal Lake [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Sale price | 1,900 | ||||||
The Shops At 40 Park Property [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Rentable Square Feet (sf) | ft² | 50,973 | ||||||
Investment Ownership Percentage | 25.00% | ||||||
Balance | $ 6,067 | ||||||
Property Debt, Interest Rate, Spread Over LIBOR | 1.50% | ||||||
Lofts At 40 Park Property [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Apartment Units | item | 59 | ||||||
Investment Ownership Percentage | 50.00% | ||||||
Balance | $ 18,200 | ||||||
Property Debt, Interest Rate, Spread Over LIBOR | 1.50% | ||||||
Number of stories | item | 5 | ||||||
Metropolitan Property [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Balance | $ 36,500 | ||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.85% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Apartment Units | item | 2,146 | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Metropolitan And Lofts At 40 Park [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Apartment Units | item | 189 | ||||||
Company's Effective Ownership % | 25.00% | ||||||
Carrying Value | $ 2,547 | 3,347 | |||||
Balance | $ 60,767 | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RiverTrace At Port Imperial [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Apartment Units | item | 316 | ||||||
Company's Effective Ownership % | 22.50% | ||||||
Carrying Value | $ 6,077 | 6,667 | |||||
Balance | $ 82,000 | ||||||
Property Debt, Maturity Date | Nov. 10, 2026 | ||||||
Property Debt, Interest Rate | 3.21% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Riverwalk C [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Apartment Units | item | 360 | ||||||
Company's Effective Ownership % | 40.00% | ||||||
Carrying Value | $ 27,401 | 36,992 | |||||
Balance | $ 135,000 | ||||||
Property Debt, Maturity Date | Dec. 22, 2024 | ||||||
Property Debt, Interest Rate | 1.20% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverpark At Harrison [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Apartment Units | item | 141 | ||||||
Company's Effective Ownership % | 45.00% | ||||||
Carrying Value | 681 | ||||||
Balance | $ 30,192 | ||||||
Property Debt, Maturity Date | Jul. 1, 2035 | ||||||
Property Debt, Interest Rate | 3.19% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Station House [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Apartment Units | item | 378 | ||||||
Company's Effective Ownership % | 50.00% | ||||||
Carrying Value | $ 33,004 | 34,026 | |||||
Balance | $ 93,329 | ||||||
Property Debt, Maturity Date | Jul. 1, 2033 | ||||||
Property Debt, Interest Rate | 4.82% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Urby At Harborside [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Apartment Units | item | 762 | ||||||
Company's Effective Ownership % | 85.00% | ||||||
Carrying Value | $ 66,418 | 72,752 | |||||
Balance | $ 191,160 | ||||||
Property Debt, Maturity Date | Aug. 1, 2029 | ||||||
Property Debt, Interest Rate | 5.197% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Land [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Apartment Units | item | 771 | ||||||
Company's Effective Ownership % | 20.00% | ||||||
Carrying Value | $ 1,678 | 1,678 | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Liberty Landing [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Apartment Units | item | 850 | ||||||
Company's Effective Ownership % | 50.00% | ||||||
Carrying Value | $ 300 | 337 | |||||
Unconsolidated Joint Venture Office Buildings [Member] | 12 Vreeland Road [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Rentable Square Feet (sf) | ft² | 139,750 | ||||||
Company's Effective Ownership % | 50.00% | ||||||
Carrying Value | 1,811 | ||||||
Sale price | $ 2,000 | ||||||
Unconsolidated Joint Venture Office Buildings [Member] | Offices At Crystal Lake [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Rentable Square Feet (sf) | ft² | 106,345 | ||||||
Company's Effective Ownership % | 31.25% | ||||||
Carrying Value | 3,744 | ||||||
Sale price | $ 1,900 | ||||||
Unconsolidated Joint Venture Other Property [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Carrying Value | $ 137,772 | 162,382 | |||||
Balance | $ 692,448 | ||||||
Unconsolidated Joint Venture Other Property [Member] | Hyatt Regency Hotel Jersey City [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Apartment Units | item | 351 | ||||||
Company's Effective Ownership % | 50.00% | ||||||
Balance | $ 100,000 | ||||||
Property Debt, Maturity Date | Oct. 1, 2026 | ||||||
Property Debt, Interest Rate | 3.668% | ||||||
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Carrying Value | $ 347 | $ 347 |
Investments In Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Sep. 01, 2021 | Apr. 29, 2021 | Mar. 12, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (4,251) | $ (3,832) | $ (1,319) | |||
Amortization of basis difference | 138 | 143 | ||||
Sale price | $ 1,900 | |||||
Crystal House [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale | 35,100 | |||||
Riverpark At Harrison [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Litigation Settlement, Expense | $ 900 | |||||
Urby At Harborside [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's Effective Ownership % | 85.00% | |||||
12 Vreeland Road [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Sale price | $ 2,000 | |||||
Offices At Crystal Lake [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Loss on Sale of Investments | 1,900 | |||||
Sale price | 1,900 | |||||
Riverwalk Retail [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of additional interest acquired | 80.00% | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (801) | (1,010) | (422) | |||
Company's Effective Ownership % | 25.00% | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RiverTrace At Port Imperial [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 92 | 111 | 317 | |||
Company's Effective Ownership % | 22.50% | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Crystal House [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | (924) | (687) | ||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Riverwalk C [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (506) | (368) | (279) | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverpark At Harrison [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (1,153) | (273) | (172) | |||
Company's Effective Ownership % | 45.00% | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Station House [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (1,647) | (1,650) | (2,000) | |||
Company's Effective Ownership % | 50.00% | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Urby At Harborside [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (580) | 1,095 | 1,587 | |||
Company's Effective Ownership % | 85.00% | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North Pier Land [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (250) | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Liberty Landing [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (40) | (5) | ||||
Company's Effective Ownership % | 50.00% | |||||
Unconsolidated Joint Venture Office Buildings [Member] | Crystal House [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale | $ 35,100 | |||||
Unconsolidated Joint Venture Office Buildings [Member] | 12 Vreeland Road [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 2 | (2,035) | (3,172) | |||
Company's Effective Ownership % | 50.00% | |||||
Sale price | $ 2,000 | |||||
Unconsolidated Joint Venture Office Buildings [Member] | Offices At Crystal Lake [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (113) | 224 | 79 | |||
Company's Effective Ownership % | 31.25% | |||||
Loss on Sale of Investments | $ (1,900) | |||||
Sale price | $ 1,900 | |||||
Unconsolidated Joint Venture Other Property [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | (4,251) | (3,832) | (1,319) | |||
Unconsolidated Joint Venture Other Property [Member] | Riverwalk Retail [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | (10) | (72) | ||||
Unconsolidated Joint Venture Other Property [Member] | Hyatt Regency Hotel Jersey City [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | 625 | 3,388 | ||||
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 745 | $ 388 | $ 114 |
Deferred Charges, Goodwill An_3
Deferred Charges, Goodwill And Other Assets, Net (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Revenue from leases | $ 282,791,000 | $ 272,970,000 | $ 302,409,000 |
Credit Risk Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives, Net liability position | 0 | ||
Cash Flow Hedging [Member] | Interest Rate Cap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of increase in the fair value of derivatives | 10,000 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Estimated additional amount to be reclassified to interest expense | 35,000 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Cap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Value | $ 75,000,000 | ||
Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of increase in the fair value of derivatives | (4,682,000) | ||
Interest And Other Investment Income (Loss) [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Reclassification of a gain | $ 1,926,000 |
Deferred Charges, Goodwill An_4
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Deferred Charges, Goodwill And Other Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 19, 2021 | Nov. 18, 2021 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Deferred leasing costs | $ 88,265 | $ 112,421 | |||
Deferred financing costs - unsecured revolving credit facility | 6,684 | 5,559 | |||
Deferred charges, gross | 94,949 | 117,980 | |||
Accumulated amortization | (40,956) | (52,428) | |||
Deferred charges, net | 53,993 | 65,552 | |||
Notes receivable | 4,015 | 1,167 | |||
In-place lease values, related intangibles and other assets, net | 42,183 | 71,608 | |||
Goodwill | 2,900 | 2,945 | |||
Right of use assets | 22,298 | 22,298 | |||
Prepaid expenses and other assets, net | 28,858 | 35,971 | |||
Total deferred charges, goodwill and other assets, net | 151,347 | 199,541 | |||
Liability | 23,700 | ||||
Provision for Loan and Lease Losses | 200 | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (200) | ||||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 3,100 | ||||
Revenue from leases | 282,791 | 272,970 | $ 302,409 | ||
Acquired Above And Below Market Lease Intangibles [Member] | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Revenue from leases | 2,700 | 3,700 | $ 4,300 | ||
Notes Receivable [Member] | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Interest rate | 10.00% | 15.00% | |||
Interest-Free Notes Receivable [Member] | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Mortgage receivable | 700 | 1,200 | |||
Discontinued Operations [Member] | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Total deferred charges, goodwill and other assets, net | $ 500 | $ 42,500 |
Deferred Charges, Goodwill An_5
Deferred Charges, Goodwill And Other Assets, Net (Summary Of Scheduled Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
2022 | $ 1,851 | ||
2023 | 1,853 | ||
2024 | 1,889 | ||
2025 | 1,858 | ||
2026 | 1,972 | ||
Acquired Above Market Lease [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2022 | (358) | ||
2023 | (352) | ||
2024 | (308) | ||
2025 | (293) | ||
2026 | (275) | ||
Acquired Below-Market Lease Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2022 | 2,209 | ||
2023 | 2,205 | ||
2024 | 2,197 | ||
2025 | 2,151 | ||
2026 | 2,247 | ||
In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2022 | 2,244 | ||
2023 | 2,224 | ||
2024 | 2,145 | ||
2025 | 2,001 | ||
2026 | 1,994 | ||
Total | 10,608 | ||
Amortization expense | $ 2,100 | $ 9,100 | $ 34,200 |
Deferred Charges, Goodwill An_6
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Fair Value Of The Derivative Financial Instruments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Deferred Charges, Goodwill And Other Assets [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Asset Derivatives | $ 850 |
Deferred Charges, Goodwill An_7
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Amount of Interest Expense presented in the consolidated statements | $ (65,192) | $ (80,991) | $ (90,569) |
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative | 10 | ||
Total Amount of Interest Expense presented in the consolidated statements | (65,192) | (80,991) | (90,569) |
Not Designated as Hedging Instrument [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | 16 | 3,551 | |
Not Designated as Hedging Instrument [Member] | Interest And Other Investment Income (Loss) [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring | 1,926 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative | (4,682) | ||
Total Amount of Interest Expense presented in the consolidated statements | $ (65,192) | $ (80,991) | $ (90,569) |
Restricted Cash (Schedule Of Re
Restricted Cash (Schedule Of Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash [Abstract] | ||||
Security deposits | $ 6,884 | $ 5,289 | ||
Escrow and other reserve funds | 12,817 | 8,918 | ||
Total restricted cash | $ 19,701 | $ 14,207 | $ 15,577 | $ 19,921 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2022USD ($) | Dec. 31, 2021USD ($)ft²item | Dec. 31, 2020USD ($)ft²item | Dec. 31, 2019USD ($) | Dec. 19, 2019ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Area of property (in square feet) | ft² | 3,049,313 | 2,725,639 | |||
Unrealized gains (losses) on disposition of rental property | $ 569,000 | $ (14,040,000) | $ (141,266,000) | ||
Proceeds from the sale of property | $ 52,391,000 | $ 64,947,000 | $ 825,613,000 | ||
Suburban Office Portfolio [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Area of property (in square feet) | ft² | 6,600,000 | ||||
Disposal Group, Not Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties sold | item | 16 | 20 | |||
Sales proceeds | $ 711,270,000 | $ 370,754,000 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Suburban Office Properties [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Area of property (in square feet) | ft² | 6,300,000 | ||||
Gain (loss) on sale of property | $ 1,000,000 | ||||
Subsequent Event [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from the sale of property | $ 210,000,000 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses)) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenues | $ 28,614,000 | $ 134,915,000 | $ 169,672,000 |
Operating and other expenses | (12,140,000) | (54,153,000) | (69,077,000) |
Depreciation and amortization | (974,000) | (4,806,000) | (71,021,000) |
Interest expense | (1,570,000) | (5,256,000) | (5,240,000) |
Income from discontinued operations | 13,930,000 | 70,700,000 | 24,334,000 |
Unrealized gains (losses) on disposition of rental property | 569,000 | (14,040,000) | (141,266,000) |
Realized gains (losses) on disposition of rental property | 24,983,000 | 25,241,000 | 7,916,000 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 25,552,000 | 11,201,000 | (133,350,000) |
Total discontinued operations, net | 39,482,000 | 81,901,000 | (109,016,000) |
VERIS RESIDENTIAL, L.P. [Member] | |||
Income from discontinued operations | 13,930,000 | 70,700,000 | 24,334,000 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 25,552,000 | 11,201,000 | (133,350,000) |
Total discontinued operations, net | $ 39,482,000 | $ 81,901,000 | $ (109,016,000) |
Senior Unsecured Notes (Summary
Senior Unsecured Notes (Summary Of Senior Unsecured Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Principal balance outstanding | $ 2,400,000 | $ 2,800,000 |
Total debt | $ 2,389,070 | |
4.500% Senior Unsecured Notes Due April 18, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of senior unsecured notes | 4.50% | |
Maturity date of the senior unsecured notes | Apr. 18, 2022 | |
3.150% Senior Unsecured Notes, Due May 15, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of senior unsecured notes | 3.15% | |
Maturity date of the senior unsecured notes | May 15, 2023 | |
Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal balance outstanding | 575,000 | |
Adjustment for unamortized debt discount | (1,504) | |
Unamortized deferred financing costs | (843) | |
Total debt | 572,653 | |
Senior Unsecured Notes [Member] | 4.500% Senior Unsecured Notes Due April 18, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Principal balance outstanding | 300,000 | |
Senior Unsecured Notes [Member] | 3.150% Senior Unsecured Notes, Due May 15, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Principal balance outstanding | $ 275,000 |
Revolving Credit Facility And_3
Revolving Credit Facility And Term Loans (Narrative) (Details) | Jul. 27, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($)propertyitem | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | May 06, 2021USD ($) |
Line of Credit Facility [Line Items] | ||||||
Loan balance | $ 2,400,000,000 | $ 2,800,000,000 | ||||
Gain (Loss) from extinguishment of debt, net | (47,078,000) | (272,000) | $ 1,648,000 | |||
Outstanding borrowings under the facility | 148,000,000 | 25,000,000 | ||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Loan balance | 148,000,000 | 25,000,000 | ||||
2021 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowing capacity under the credit facility | 250,000,000 | |||||
Credit Facility, Sublimit | 50,000,000 | |||||
Credit Facility, First Priority Lien | $ 800,000,000 | |||||
Leverage ratio | 65.00% | |||||
Loan period | 3 years | |||||
Debt Instrument, Maximum Collateral Pool | $ 800,000,000 | |||||
Maximum collateral pool leverage ratio | 40.00% | |||||
Number of collateral pool properties | property | 2 | |||||
Tangible net worth ratio | 80.00% | |||||
Percentage of net cash proceeds of equity issuances | 80.00% | |||||
Debt paid | $ 27,000,000 | |||||
2021 Credit Facility [Member] | Revolving Credit Facility [Member] | Date Range 1 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt service coverage ratio | 1.10% | |||||
2021 Credit Facility [Member] | Revolving Credit Facility [Member] | Date Range 2 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt service coverage ratio | 1.20% | |||||
2021 Credit Facility [Member] | Revolving Credit Facility [Member] | Date Range 3 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt service coverage ratio | 1.40% | |||||
2017 Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Loan balance | $ 10,600,000 | |||||
Borrowing capacity under the credit facility | $ 600,000,000 | |||||
Credit Facility, Sublimit | $ 60,000,000 | |||||
Number of extension options | item | 2 | |||||
Credit facility, extension period | 6 months | |||||
Credit facility extension fee, basis points | 7.50% | |||||
Loan period | 4 years | |||||
Minimum [Member] | 2021 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit Facility, Facility Fee, Quarterly | 0.25% | |||||
Maximum [Member] | 2021 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit Facility, Facility Fee, Quarterly | 0.35% | |||||
Senior Unsecured Notes [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Loan balance | 575,000,000 | |||||
Unamortized deferred financing costs | 843,000 | |||||
Secured Debt [Member] | 2021 Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Loan balance | $ 0 | $ 0 | ||||
Debt Instrument, Face Amount | 150,000,000 | |||||
Debt, First Priority Lien | $ 800,000,000 | |||||
Leverage ratio | 65.00% | |||||
Debt Instrument, Maximum Collateral Pool | $ 800,000,000 | |||||
Maximum collateral pool leverage ratio | 40.00% | |||||
Number of collateral pool properties | property | 2 | |||||
Tangible net worth ratio | 80.00% | |||||
Percentage of net cash proceeds of equity issuances | 80.00% | |||||
Debt paid | $ 123,000,000 | |||||
Secured Debt [Member] | 2021 Term Loan [Member] | Date Range 1 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt service coverage ratio | 1.10% | |||||
Secured Debt [Member] | 2021 Term Loan [Member] | Date Range 2 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt service coverage ratio | 1.20% | |||||
Secured Debt [Member] | 2021 Term Loan [Member] | Date Range 3 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt service coverage ratio | 1.40% | |||||
Base Rate [Member] | 2021 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 0.12% | |||||
Base Rate [Member] | Minimum [Member] | 2021 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 1.25% | |||||
Base Rate [Member] | Maximum [Member] | 2021 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 2.75% | |||||
Base Rate [Member] | Secured Debt [Member] | 2021 Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 0.12% | |||||
Base Rate [Member] | Secured Debt [Member] | Minimum [Member] | 2021 Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 1.25% | |||||
Base Rate [Member] | Secured Debt [Member] | Maximum [Member] | 2021 Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 2.75% | |||||
Adjusted Base Rate [Member] | 2021 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 1.00% | |||||
Adjusted Base Rate [Member] | Minimum [Member] | 2021 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 1.00% | |||||
Adjusted Base Rate [Member] | Secured Debt [Member] | 2021 Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 1.00% | |||||
Adjusted Base Rate [Member] | Secured Debt [Member] | Minimum [Member] | 2021 Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 1.00% | |||||
Adjusted LIBO Rate [Member] | Minimum [Member] | 2021 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 0.00% | |||||
Adjusted LIBO Rate [Member] | Secured Debt [Member] | Minimum [Member] | 2021 Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 0.00% | |||||
Overnight Bank Funding Rate [Member] | 2021 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 0.50% | |||||
Overnight Bank Funding Rate [Member] | Secured Debt [Member] | 2021 Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable Interest Rate | 0.50% |
Revolving Credit Facility And_4
Revolving Credit Facility And Term Loans (Schedule Of Defined Leverage Ratio, Including Interest Rate, Alternate Base Rate Loans, And Facility Fee) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
2017 Credit Facility [Member] | 45% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.25% |
Facility Fee Basis Points | 0.20% |
2017 Credit Facility [Member] | 45% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
2017 Credit Facility [Member] | 45% And 50% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.30% |
Facility Fee Basis Points | 0.25% |
2017 Credit Facility [Member] | 45% And 50% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
2017 Credit Facility [Member] | 45% And 50% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
2017 Credit Facility [Member] | 50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.35% |
Facility Fee Basis Points | 0.30% |
2017 Credit Facility [Member] | 50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
2017 Credit Facility [Member] | 55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.60% |
Facility Fee Basis Points | 0.35% |
2017 Credit Facility [Member] | 55% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
2017 Credit Facility [Member] | Base Rate [Member] | 45% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.25% |
2017 Credit Facility [Member] | Base Rate [Member] | 45% And 50% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.30% |
2017 Credit Facility [Member] | Base Rate [Member] | 50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.35% |
2017 Credit Facility [Member] | Base Rate [Member] | 55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.60% |
Mortgages, Loans Payable And _3
Mortgages, Loans Payable And Other Obligations (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)itemproperty | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Cash paid for interest | $ 85,200 | $ 103,500 | $ 108,300 |
Interest capitalized | 30,500 | 26,400 | 19,300 |
Total indebtedness | 2,389,070 | ||
Discontinued Operations [Member] | |||
Debt Instrument [Line Items] | |||
Cash paid for interest | $ 1,700 | 5,100 | 5,100 |
Projects Under Development And Developable Land [Member] | |||
Debt Instrument [Line Items] | |||
Number of projects with encumbered company mortgages | item | 1 | ||
Carrying value of encumbered properties | $ 463,000 | ||
Other Property [Member] | |||
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | property | 22 | ||
Carrying value of encumbered properties | $ 3,400,000 | ||
Unconsolidated Joint Venture [Member] | |||
Debt Instrument [Line Items] | |||
Interest capitalized | $ 300 | $ 1,400 | $ 1,300 |
Mortgages, Loans Payable And _4
Mortgages, Loans Payable And Other Obligations (Summary Of Mortgages, Loans Payable And Other Obligations) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2021USD ($) | Apr. 30, 2021USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 2,400,000 | $ 2,800,000 | |||
Repayment of revolving credit facility and money market loans | 73,000 | 516,000 | $ 617,000 | ||
RXR - Short Hills [Member] | |||||
Debt Instrument [Line Items] | |||||
Closing costs to defease loan | $ 22,600 | ||||
Riverhouse 9 At Port Imperia [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 92,000 | ||||
Loan extension period | 1 year | ||||
Extension fee | 15.00% | ||||
Debt Instrument, Percent Guaranteed | 10.00% | ||||
Liberty Towers [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 265,000 | ||||
Debt Instrument, Increase (Decrease), Net | 33,000 | ||||
Haus 25 [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 300,000 | ||||
Number of extension options | item | 1 | ||||
Loan extension period | 1 year | ||||
Extension fee | 25.00% | ||||
Haus 25 [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Interest Rate | 2.00% | ||||
Portside 5/6 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Percent Guaranteed | 10.00% | ||||
Upton [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 75,000 | ||||
Maximum borrowing capacity | $ 64,000 | ||||
Loan extension period | 18 years | ||||
Extension fee | 30.00% | ||||
Debt Instrument, Percent Guaranteed | 15.00% | ||||
Soho Lofts [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Interest Rate | 2.75% | ||||
Port Imperial 4/5 Garage Development [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred interest | $ 800 | ||||
Emery At Overlook Ridge [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 72,000 | ||||
Proceeds from Issuance of Debt | 10,400 | ||||
Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal balance outstanding | 2,252,290 | 2,218,862 | |||
Unamortized deferred financing costs | (11,220) | (14,718) | |||
Total mortgages, loans payable and other obligations, net | $ 2,241,070 | 2,204,144 | |||
Secured Debt [Member] | RXR - Short Hills [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | RXR - Short Hills (b) | ||||
Lender | Wells Fargo CMBS | ||||
Effective rate | 4.15% | ||||
Principal balance outstanding | 124,500 | ||||
Secured Debt [Member] | Port Imperial South 4/5 Retail [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Port Imperial South 4/5 Retail | ||||
Lender | American General Life & A/G PC | ||||
Principal balance outstanding | 3,866 | ||||
Secured Debt [Member] | Riverhouse 9 At Port Imperia [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Riverhouse 9 at Port Imperial (c) | ||||
Lender | Bank of New York Mellon | ||||
Effective rate | 2.13% | ||||
Principal balance outstanding | $ 87,175 | 46,357 | |||
Loan maturity date | Dec. 19, 2022 | ||||
Secured Debt [Member] | Port Imperial 4/5 Hotel [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Port Imperial 4/5 Hotel (d) | ||||
Lender | Fifth Third Bank | ||||
Effective rate | 3.57% | ||||
Principal balance outstanding | $ 14,500 | $ 89,000 | 94,000 | ||
Loan maturity date | Apr. 1, 2023 | ||||
Repayment of debt | $ 5,000 | ||||
Secured Debt [Member] | Portside At Pier One [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Portside at Pier One | ||||
Lender | CBRE Capital Markets/FreddieMac | ||||
Principal balance outstanding | $ 58,998 | 58,998 | |||
Loan maturity date | Aug. 1, 2023 | ||||
Secured Debt [Member] | Signature Place [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Signature Place | ||||
Lender | Nationwide Life Insurance Company | ||||
Effective rate | 3.74% | ||||
Principal balance outstanding | $ 43,000 | 43,000 | |||
Loan maturity date | Aug. 1, 2024 | ||||
Secured Debt [Member] | Liberty Towers [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Liberty Towers (e) | ||||
Lender | American General Life Insurance Company | ||||
Effective rate | 3.37% | ||||
Principal balance outstanding | $ 265,000 | 265,000 | |||
Loan maturity date | Oct. 1, 2024 | ||||
Secured Debt [Member] | Haus 25 [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Haus 25 (f) | ||||
Lender | QuadReal Finance | ||||
Principal balance outstanding | $ 255,453 | 161,544 | |||
Loan maturity date | Dec. 1, 2024 | ||||
Secured Debt [Member] | Portside 5/6 [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Portside 5/6 (g) | ||||
Lender | New York Life Insurance Company | ||||
Effective rate | 4.56% | ||||
Principal balance outstanding | $ 97,000 | 97,000 | |||
Loan maturity date | Mar. 10, 2026 | ||||
Secured Debt [Member] | BLVD 425 [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | BLVD 425 | ||||
Lender | New York Life Insurance Company | ||||
Effective rate | 4.17% | ||||
Principal balance outstanding | $ 131,000 | 131,000 | |||
Loan maturity date | Aug. 10, 2026 | ||||
Secured Debt [Member] | BLVD 401 [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | BLVD 401 | ||||
Lender | New York Life Insurance Company | ||||
Effective rate | 4.29% | ||||
Principal balance outstanding | $ 117,000 | 117,000 | |||
Loan maturity date | Aug. 10, 2026 | ||||
Secured Debt [Member] | 101 Hudson Street [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 101 Hudson | ||||
Lender | Wells Fargo CMBS | ||||
Effective rate | 3.20% | ||||
Principal balance outstanding | $ 250,000 | 250,000 | |||
Loan maturity date | Oct. 11, 2026 | ||||
Secured Debt [Member] | Upton [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | The Upton (h) | ||||
Lender | Bank of New York Mellon | ||||
Principal balance outstanding | $ 75,000 | 42,459 | |||
Loan maturity date | Oct. 27, 2026 | ||||
Secured Debt [Member] | 145 Front at City Square [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 145 Front at City Square | ||||
Lender | MUFG Union Bank | ||||
Effective rate | 1.84% | ||||
Principal balance outstanding | $ 63,000 | 63,000 | |||
Loan maturity date | Dec. 10, 2026 | ||||
Secured Debt [Member] | Quarry Place At Tuckahoe [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Quarry Place at Tuckahoe | ||||
Lender | Natixis Real Estate Capital LLC | ||||
Effective rate | 4.48% | ||||
Principal balance outstanding | $ 41,000 | 41,000 | |||
Loan maturity date | Aug. 5, 2027 | ||||
Secured Debt [Member] | Monaco (BLVD 495 N/S) [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | BLVD 475 N/S (i) | ||||
Lender | The Northwestern Mutual Life Insurance Co. | ||||
Effective rate | 2.91% | ||||
Principal balance outstanding | $ 165,000 | 165,000 | |||
Loan maturity date | Nov. 10, 2027 | ||||
Secured Debt [Member] | Riverhouse 11 at Port Imperial [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Riverhouse 11 at Port Imperial | ||||
Lender | The Northwestern Mutual Life Insurance Co. | ||||
Effective rate | 4.52% | ||||
Principal balance outstanding | $ 100,000 | 100,000 | |||
Loan maturity date | Jan. 10, 2029 | ||||
Secured Debt [Member] | Soho Lofts [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Soho Lofts (j) | ||||
Lender | New York Community Bank | ||||
Effective rate | 3.77% | ||||
Principal balance outstanding | $ 160,000 | 160,000 | |||
Loan maturity date | Jul. 1, 2029 | ||||
Secured Debt [Member] | 111 River St. [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 111 River St. (k) | ||||
Lender | Athene Annuity and Life Company | ||||
Effective rate | 3.90% | ||||
Principal balance outstanding | $ 150,000 | 150,000 | |||
Loan maturity date | Sep. 1, 2029 | ||||
Secured Debt [Member] | Port Imperial South 9 [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 4.56% | ||||
Secured Debt [Member] | Short Hills Residential [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 3.40% | ||||
Secured Debt [Member] | The Charlotte [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 2.70% | ||||
Secured Debt [Member] | Worcester [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 1.58% | ||||
Secured Debt [Member] | Port Imperial South 4/5 Garage [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Port Imperial South 4/5 Garage (l) | ||||
Lender | American General Life & A/G PC | ||||
Effective rate | 4.85% | ||||
Principal balance outstanding | $ 32,664 | 33,138 | |||
Loan maturity date | Dec. 1, 2029 | ||||
Secured Debt [Member] | Emery At Overlook Ridge [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Emery at Overlook Ridge (m) | ||||
Lender | New York Community Bank | ||||
Effective rate | 3.21% | ||||
Principal balance outstanding | $ 72,000 | $ 72,000 | |||
Loan maturity date | Jan. 1, 2031 |
Mortgages, Loans Payable And _5
Mortgages, Loans Payable And Other Obligations (Schedule Of Principal Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
Scheduled Amortization, 2022 | $ 550 |
Scheduled Amortization, 2023 | 2,047 |
Scheduled Amortization, 2024 | 3,403 |
Scheduled Amortization, 2025 | 3,300 |
Scheduled Amortization, 2026 | 3,407 |
Scheduled Amortization, Thereafter | 9,415 |
Scheduled Amortization, Sub-total | 22,122 |
Unamortized deferred financing costs | (11,220) |
Scheduled Amortization, Total | 10,902 |
Principal Maturities, 2022 | 87,175 |
Principal Maturities, 2023 | 147,998 |
Principal Maturities, 2024 | 711,453 |
Principal Maturities, 2026 | 733,000 |
Principal Maturities, Thereafter | 698,542 |
Principal Maturities, Sub-total | 2,378,168 |
Principal Maturities, Total | 2,378,168 |
Total, 2022 | 87,725 |
Total, 2023 | 150,045 |
Total, 2024 | 714,856 |
Total, 2025 | 3,300 |
Total, 2026 | 736,407 |
Total, Thereafter | 707,957 |
Total, Sub-total | 2,400,290 |
Total, Unamortized deferred financing costs | (11,220) |
Total debt | $ 2,389,070 |
Mortgages, Loans Payable And _6
Mortgages, Loans Payable And Other Obligations (Summary Of Indebtedness) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 2,389,070 | |
Revolving credit facility | 148,000 | $ 25,000 |
Debt and Lease Obligation, Total | $ 2,389,070 | $ 2,801,797 |
Debt, Weighted Average Interest Rate | 3.60% | 3.60% |
Fixed Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,675,353 | $ 2,374,378 |
Debt, Weighted Average Interest Rate | 3.71% | 3.83% |
Revolving Credit Facility & Other Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 713,717 | $ 427,419 |
Debt, Weighted Average Interest Rate | 3.32% | 3.38% |
Employee Benefit 401(k) Plans (
Employee Benefit 401(k) Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Minimum employee subscription rate, percentage of compensation | 1.00% | ||
Maximum employee subscription rate, percentage of compensation | 60.00% | ||
Employee pre-tax contributions vested percentage | 100.00% | ||
Vesting rate | 20.00% | ||
Percentage vested after total service period | 100.00% | ||
Expenses for employee benefit plan | $ 537 | $ 771 | $ 773 |
Minimum [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Employer contribution vesting period | 2 years | ||
Maximum [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Employer contribution vesting period | 6 years |
Disclosure Of Fair Value Of A_3
Disclosure Of Fair Value Of Assets And Liabilities (Narrative) (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | ||
Mar. 31, 2020property | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($)ft²propertyitem | Dec. 31, 2020USD ($)ft²propertyitem | Dec. 31, 2019USD ($) | May 31, 2021property | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair value of Company's long-term debt | $ 2,400,000 | $ 2,900,000 | ||||
Principal balance outstanding | $ 2,400,000 | $ 2,800,000 | ||||
Area of property (in square feet) | ft² | 3,049,313 | 2,725,639 | ||||
Land and other impairments, net | $ 23,719 | $ 16,817 | $ 32,444 | |||
Property impairments | $ 36,600 | |||||
Provision for Loan and Lease Losses | 200 | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 200 | |||||
Office [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Property impairments | 6,000 | |||||
Hotel Income [Member] | Weehawken, New Jersey [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Property impairments | $ 36,600 | $ 7,400 | ||||
Properties | property | 2 | 2 | ||||
Number of properties closed | property | 1 | |||||
Land Parcels [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Land and other impairments, net | $ 14,300 | $ 7,300 | ||||
Properties | property | 3 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Number of properties not expected to recover from estimated net sales proceeds | property | 6 | |||||
Unrealized gains (losses) on real estate held for sale | $ (15,700) | |||||
Number of disposal groups | item | 3 | |||||
Land and other impairments, net | $ 9,500 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Number of real estate properties | property | 16 | |||||
Area of property (in square feet) | ft² | 3,000,000 | |||||
Number of disposal groups | item | 6 | |||||
Property impairments | $ 6,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Number of properties not expected to recover from estimated net sales proceeds | property | 6 | |||||
Unrealized gains (losses) on real estate held for sale | $ (15,700) | |||||
Number of real estate properties | property | 16 | |||||
Properties aggregate net book value | $ 657,000 | |||||
Land and other impairments, net | 9,500 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Hotel Income [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Number of real estate properties | property | 2 | |||||
Property impairments | $ 7,400 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Adjacent Hotel [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Number of real estate properties | property | 2 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Land Parcels [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Land and other impairments, net | $ 14,300 | $ 7,300 | ||||
Properties | property | 3 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office Properties And Several Developable Land Parcels [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Number of real estate properties | property | 2 | |||||
Properties aggregate net book value | $ 618,600 | |||||
Number of disposal groups | item | 2 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Several Land Parcels [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Properties aggregate net book value | $ 65,100 | |||||
Land and other impairments, net | 10,200 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Land Parcel [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Unrealized gains (losses) on real estate held for sale | 3,700 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | One Office and Land Parcels [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Properties aggregate net book value | 24,800 | |||||
Disposal Group, Not Discontinued Operations [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Unrealized gains (losses) on real estate held for sale | $ (1,682) | |||||
Disposal Group, Not Discontinued Operations [Member] | Hotel Income [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Number of properties closed | property | 1 | |||||
Disposal Group, Not Discontinued Operations [Member] | Hotel Income [Member] | Weehawken, New Jersey [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Properties | property | 2 | |||||
Discontinued Operations [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Unrealized gains (losses) on real estate held for sale | 3,700 | $ (14,040) | ||||
Land and other impairments, net | $ 10,200 | |||||
Gain (loss) on sale of property | 25,241 | |||||
Discontinued Operations [Member] | Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Unrealized gains (losses) on real estate held for sale | $ 14,000 |
Disclosure Of Fair Value Of A_4
Disclosure Of Fair Value Of Assets And Liabilities (Schedule Of Valuation Techniques And Significant Unobservable Assumptions) (Details) - Level 3 [Member] - Waterfront [Member] | Dec. 31, 2021USD ($)item |
Land Holdings Held For Sale [Member] | Valuation Technique, Consensus Pricing Model [Member] | Minimum [Member] | Measurement Assumptions, Market Rates Per Residential Unit [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Servicing Asset | $ | $ 76,000 |
Land Holdings Held For Sale [Member] | Valuation Technique, Consensus Pricing Model [Member] | Maximum [Member] | Measurement Assumptions, Market Rates Per Residential Unit [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Servicing Asset | $ | $ 78,000 |
Hotel Income [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Assumptions, Discount Rates [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Servicing Asset, Measurement Input | item | 0.0867 |
Hotel Income [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Assumptions, Exit Capitalization Rates [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Servicing Asset, Measurement Input | item | 0.0650 |
Commitments And Contingencies_2
Commitments And Contingencies (Tax Abatement Agreements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies [Line Items] | |||
Payments in lieu of property taxes (PILOT) | $ 13,215 | $ 13,516 | $ 13,914 |
Port Imperial South 1/3 Garage [Member] | |||
Commitments And Contingencies [Line Items] | |||
Payments in lieu of property taxes (PILOT) | 303 | 289 | |
Port Imperial South 1/3 Garage [Member] | Years 1-5 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Annual percentage of cost for phase in | 100.00% | ||
Port Imperial South 1/3 Garage [Member] | Years 2-5 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Annual percentage of cost for phase in | 95.00% | ||
BLVD 475 N/S [Member] | |||
Commitments And Contingencies [Line Items] | |||
Payments in lieu of property taxes (PILOT) | $ 443 | 1,811 | 2,149 |
Percentage of PILOT on gross revenues | 10.00% | ||
111 River Realty [Member] | |||
Commitments And Contingencies [Line Items] | |||
Payments in lieu of property taxes (PILOT) | $ 1,470 | 1,470 | 1,406 |
Harborside Financial Center Plaza 4A [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 2.00% | ||
Total project costs | $ 49,500 | ||
Payments in lieu of property taxes (PILOT) | $ 1,057 | 1,062 | 1,080 |
Harborside Financial Center Plaza 5 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 2.00% | ||
Total project costs | $ 170,900 | ||
Payments in lieu of property taxes (PILOT) | 4,324 | 4,415 | 4,352 |
BLVD 401 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Payments in lieu of property taxes (PILOT) | $ 1,277 | 1,151 | 1,394 |
BLVD 401 [Member] | Years 1-4 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 10.00% | ||
BLVD 401 [Member] | Years 5-8 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 12.00% | ||
BLVD 401 [Member] | Years 9-10 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 14.00% | ||
Riverhouse 11 at Port Imperial [Member] | |||
Commitments And Contingencies [Line Items] | |||
Payments in lieu of property taxes (PILOT) | $ 1,369 | 1,143 | 1,030 |
Riverhouse 11 at Port Imperial [Member] | Years 1-5 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 12.00% | ||
Riverhouse 11 at Port Imperial [Member] | Years 6-10 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 13.00% | ||
Riverhouse 11 at Port Imperial [Member] | Years 11-15 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 14.00% | ||
Port Imperial South 4/5 Garage [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 2.00% | ||
Payments in lieu of property taxes (PILOT) | $ 2,925 | $ 2,161 | $ 2,214 |
Riverhouse 9 At Port Imperia [Member] | |||
Commitments And Contingencies [Line Items] | |||
Payments in lieu of property taxes (PILOT) | $ 350 | ||
Riverhouse 9 At Port Imperia [Member] | Years 1-10 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 11.00% | ||
Riverhouse 9 At Port Imperia [Member] | Years 11-18 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 12.50% | ||
Riverhouse 9 At Port Imperia [Member] | Years 19-25 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 14.00% | ||
Haus 25 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Project period | 25 years | ||
Percentage of PILOT on project costs | 7.00% | ||
Park Apartments at Port Imperial [Member] | |||
Commitments And Contingencies [Line Items] | |||
Project period | 25 years | ||
Park Apartments at Port Imperial [Member] | Years 1-10 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on gross revenues | 11.00% | ||
Park Apartments at Port Imperial [Member] | Years 11-18 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on gross revenues | 12.50% | ||
Park Apartments at Port Imperial [Member] | Years 19-25 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on gross revenues | 14.00% |
Commitments And Contingencies_3
Commitments And Contingencies (Ground Lease Agreements) (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Ground lease expense incurred | $ 1,800 | $ 1,600 | $ 2,600 |
Operating lease | $ 23,686 | $ 23,602 | |
Number of ground leases | property | 3 | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Term of lease contract | 80 years 9 months 29 days | ||
Borrowing rate | 7.58% | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Term of lease contract | 82 years 6 months 29 days | ||
Borrowing rate | 7.62% | ||
Accounting Standards Update 2016-02 [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease | $ 22,300 |
Commitments And Contingencies_4
Commitments And Contingencies (Construction Projects) (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)ft²item | Dec. 31, 2020USD ($)ft²item | Dec. 31, 2019USD ($) | |
Commitments And Contingencies [Line Items] | |||
Costs of the project incurred | $ 14,802 | $ 13,717 | $ 17,881 |
Number of units | item | 506 | 326 | |
Amount outstanding | $ 148,000 | $ 25,000 | |
Area Of Real Estate Property | ft² | 3,049,313 | 2,725,639 | |
25 Christopher Columbus [Member] | |||
Commitments And Contingencies [Line Items] | |||
Costs of the project incurred | $ 425,000 | ||
Number of units | item | 750 | ||
Amount outstanding | $ 255,500 | ||
Total project costs | 469,500 | ||
Amount to fund | 169,500 | ||
Construction Loan [Member] | 25 Christopher Columbus [Member] | |||
Commitments And Contingencies [Line Items] | |||
Amount outstanding | $ 300,000 |
Commitments And Contingencies_5
Commitments And Contingencies (Other) (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($)item | Dec. 31, 2021USD ($)itememployeeshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Commitments And Contingencies [Line Items] | ||||
Number of payments | item | 3 | |||
Reimbursement expense | $ 6,100 | |||
General and administrative | $ 57,198 | $ 71,058 | $ 59,805 | |
LTIP Units [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Exercisable time period | 3 years | |||
Stay-On Award Agreement [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of employees | employee | 35 | |||
Potential shares | shares | 82,629 | |||
Exercisable time period | 7 years | |||
Bow Street LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of payments | item | 3 | |||
Reimbursement expense | 6,100 | |||
General and administrative | $ 6,100 | $ 6,100 | ||
Property Lock-Ups Expired [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Properties aggregate net book value | 1,000,000 | |||
Maximum [Member] | Stay-On Award Agreement [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Cost of awards | $ 5,200 |
Commitments And Contingencies_6
Commitments And Contingencies (Future Minimum Rental Payments Of Ground Leases) (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Year one | $ 1,695 | $ 1,750 | |
Year two | 1,702 | 1,750 | |
Year three | 1,721 | 1,756 | |
Year four | 1,728 | 1,776 | |
Year five | 1,728 | 1,742 | |
2026 through 2101 | 151,253 | 152,980 | |
Total lease payments | 159,827 | 161,754 | |
Less: imputed interest | (136,141) | (138,152) | |
Total | $ 23,686 | $ 23,602 | |
Subsequent Event [Member] | 111 River Realty [Member] | |||
Total | $ 127,000 |
Tenant Leases (Future Minimum R
Tenant Leases (Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Subject to or Available for Operating Lease [Line Items] | ||
Year one | $ 115,256,000 | $ 117,228,000 |
Year two | 114,355,000 | 114,101,000 |
Year three | 98,374,000 | 108,406,000 |
Year four | 94,042,000 | 92,605,000 |
Year Five | 91,297,000 | 88,309,000 |
2026 and thereafter | 416,712,000 | 462,920,000 |
Total | $ 930,036,000 | $ 983,569,000 |
Tenant Leases [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Operating leases with various expiration dates through year | 2036 | |
Multi-Family Properties [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Lease period | 1 year |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Narrative) (Details) | Jun. 30, 2019USD ($) | Jun. 28, 2019USD ($) | Jun. 26, 2019USD ($)property | Mar. 10, 2017USD ($) | Feb. 28, 2017USD ($)$ / sharesshares | Feb. 27, 2017USD ($) | Feb. 03, 2017USD ($)$ / sharesshares | Jun. 26, 2016USD ($) | Jun. 30, 2020 | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Apr. 30, 2017shares |
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
General and administrative | $ 57,198,000 | $ 71,058,000 | $ 59,805,000 | |||||||||||
Common stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||
Aggregate Offering Price | $ 200,000,000 | |||||||||||||
Payment for borrowings | $ 73,000,000 | $ 516,000,000 | 617,000,000 | |||||||||||
Minimum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
ATM, Commission Fee | 2.00% | |||||||||||||
Percentage of interest in venture | 20.00% | |||||||||||||
Maximum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Percentage of interest in venture | 85.00% | |||||||||||||
VERIS RESIDENTIAL, L.P. [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
General and administrative | $ 57,198,000 | $ 71,058,000 | $ 59,805,000 | |||||||||||
Common unit distribution per unit declared | $ / shares | $ 0 | $ 0.40 | $ 0.80 | |||||||||||
Payment for borrowings | $ 73,000,000 | $ 516,000,000 | $ 617,000,000 | |||||||||||
Rockpoint [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Estimated redemption value | 479,200,000 | |||||||||||||
Rockpoint [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Invested capital | 400,000,000 | |||||||||||||
Rockpoint [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Invested capital | 400,000,000 | |||||||||||||
Rockpoint [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Invested capital | $ 400,000,000 | |||||||||||||
Rockpoint [Member] | Distribution One [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Purchase price | $ 173,500,000 | |||||||||||||
Purchase price, less distributions | 198,500,000 | |||||||||||||
Rockpoint [Member] | Distribution Two [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Purchase price, less distributions | $ 1,500,000 | |||||||||||||
Series A Units [Member] | VERIS RESIDENTIAL, L.P. [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Preferred stock shares issued | shares | 42,800 | |||||||||||||
Preferred units shares issued | shares | 42,800 | |||||||||||||
Preferred unit annual rate | 3.50% | |||||||||||||
Percentage of interest in venture | 37.50% | |||||||||||||
Preferred unit in operating partnership | $ 1,000 | |||||||||||||
Convertible preferred units | shares | 28.15 | |||||||||||||
Expiration period | 5 years | |||||||||||||
Shares converted to common units | shares | 1,204,820 | |||||||||||||
Common unit distribution per unit declared | $ / shares | $ 35.52 | |||||||||||||
Series A-1 Units [Member] | VERIS RESIDENTIAL, L.P. [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Preferred stock shares issued | shares | 9,213 | |||||||||||||
Preferred units shares issued | shares | 91 | |||||||||||||
Preferred unit annual rate | 3.50% | |||||||||||||
Percentage of interest in venture | 13.80% | |||||||||||||
Preferred unit in operating partnership | $ 1,000 | |||||||||||||
Convertible preferred units | shares | 27.936 | |||||||||||||
Expiration period | 5 years | 5 years | ||||||||||||
Shares converted to common units | shares | 257,375 | |||||||||||||
Common unit distribution per unit declared | $ / shares | $ 35.80 | |||||||||||||
Preferred Units [Member] | Rockpoint [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 21.89% | |||||||||||||
Preferred Units [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 21.89% | |||||||||||||
Preferred Units [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 10.947% | |||||||||||||
Preferred Units [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 2.65% | |||||||||||||
Preferred Units [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 2.65% | |||||||||||||
Preferred Units [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 1.325% | |||||||||||||
Monaco (BLVD 495 N/S) [Member] | Series A-1 Units [Member] | VERIS RESIDENTIAL, L.P. [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Preferred units shares issued | shares | 9,122 | |||||||||||||
Common Units [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 75.46% | |||||||||||||
Common Units [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 75.46% | |||||||||||||
Common Units [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 87.728% | |||||||||||||
Investment Agreement [Member] | Rockpoint [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed equity value | $ 1,230,000,000 | |||||||||||||
Incremental closing payments, Limited Partnership interest | $ 150,000,000 | $ 46,000,000 | $ 45,000,000 | 105,000,000 | ||||||||||
Contributed amount to obtain equity units | $ 300,000,000 | |||||||||||||
Investment Agreement [Member] | Rockpoint [Member] | Maximum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed amount to obtain equity units | $ 300,000,000 | |||||||||||||
Add On Investment Agreement [Member] | Rockpoint [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed amount to obtain equity units | $ 100,000,000 | |||||||||||||
Number of properties in which additional interest was acquired during period | property | 2 | |||||||||||||
Right of first refusal to invest | $ 100,000,000 | |||||||||||||
General and administrative | $ 371,000 | |||||||||||||
Add On Investment Agreement [Member] | Rockpoint [Member] | Maximum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed amount to obtain equity units | $ 154,000,000 | |||||||||||||
RRLP [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Annual return on the equity value | 6.00% | |||||||||||||
RRLP [Member] | Rockpoint [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Annual return | 6.00% | |||||||||||||
Base return | 4.64% | |||||||||||||
RRLP [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 4.64% | |||||||||||||
RRLP [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Capital base return | 4.64% | |||||||||||||
RRLP [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Internal rate of return | 11.00% | |||||||||||||
RRLP [Member] | RRT [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Loan-to-value ratio | 65.00% | |||||||||||||
Equity capitalization percent | 10.00% | |||||||||||||
RRLP [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.36% | |||||||||||||
RRLP [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.36% | |||||||||||||
RRLP [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Capital base return | 95.36% | |||||||||||||
RRLP [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata share | 50.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | Rockpoint [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 5.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 5.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Capital base return | 5.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Capital base return | 95.00% | |||||||||||||
RRLP [Member] | Credit Enhancement Note [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | |||||||||||||
Increased line of credit | $ 25,000,000 | |||||||||||||
Variable Interest Rate | 0.50% |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests (Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Balance | $ 513,297,000 | ||
Income Attributed to Noncontrolling Interests | (25,977,000) | $ (25,883,000) | $ (22,615,000) |
Redemption Value Adjustment | (33,993,000) | (38,951,000) | (51,355,000) |
Balance | 521,313,000 | 513,297,000 | |
Redeemable Noncontrolling Interests [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Balance | 513,297,000 | 503,382,000 | |
Net | 513,297,000 | 503,382,000 | |
Income Attributed to Noncontrolling Interests | 25,977,000 | 25,883,000 | |
Distributions | (25,977,000) | (25,883,000) | |
Redemption Value Adjustment | 8,016,000 | 13,068,000 | |
Balance | 521,313,000 | 513,297,000 | 503,382,000 |
Redeemable Noncontrolling Interests [Member] | Series A And Series A-1 Preferred Units In MCRLP [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Balance | 52,324,000 | 52,324,000 | |
Net | 52,324,000 | 52,324,000 | |
Income Attributed to Noncontrolling Interests | 1,820,000 | 1,820,000 | |
Distributions | (1,820,000) | (1,820,000) | |
Balance | 52,324,000 | 52,324,000 | 52,324,000 |
Redeemable Noncontrolling Interests [Member] | Rockpoint [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Balance | 460,973,000 | 451,058,000 | |
Net | 460,973,000 | 451,058,000 | |
Income Attributed to Noncontrolling Interests | 24,157,000 | 24,063,000 | |
Distributions | (24,157,000) | (24,063,000) | |
Redemption Value Adjustment | 8,016,000 | 13,068,000 | |
Balance | $ 468,989,000 | $ 460,973,000 | $ 451,058,000 |
Veris Residential, Inc. Stock_3
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Share/Unit Repurchase Program And Dividend Reinvestment And Stock Purchase Plan) (Narrative) (Details) - Dividend Reinvestment And Stock Purchase Plan [Member] shares in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
Stockholders Equity [Line Items] | |
Common stock reserved for future issuance | shares | 5.5 |
Monthly cash investment without restriction, maximum | $ | $ 5,000 |
Veris Residential, Inc. Stock_4
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Stock Option Plans) (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average remaining contractual life | 5 years 6 months | 3 years 7 months 6 days | ||
Proceeds from stock options exercised | $ 0 | $ 0 | $ 0 | |
Stock options expense | $ 844,000 | $ 446,000 | $ 0 | |
Share price - weighted average fair value of options granted | $ 4.18 | |||
2013 Incentive Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Reserved stocks for issuance | 6,565,000 | 4,600,000 | ||
Shares Under Options - Granted | 950,000 | |||
Common stock trade share price | $ 15.79 |
Veris Residential, Inc. Stock_5
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (AO LTIP Units (Appreciation-Only LTIP Units)) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share price - weighted average fair value of options granted | $ 4.18 | ||
Stock options expense | $ 844,000 | $ 446,000 | $ 0 |
AO LTIP Units Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable period | 10 years | ||
Share price - weighted average fair value of options granted | $ 3.98 | ||
Total unrecognized compensation cost | $ 700,000 | ||
Total unrecognized compensation cost, period of recognition | 1 year 2 months 12 days | ||
Stock options expense | $ 622,000 | $ 622,000 | $ 498,000 |
AO LTIP Units Award [Member] | Messr Rudin | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 625,000 | 625,000 | |
Income allocation | 10.00% | ||
AO LTIP Units Award [Member] | Messr Rudin | Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares to be vested and exercisable | 250,000 | ||
Common stock trade share price | $ 25 | ||
Common stock expiration date | Mar. 13, 2023 | ||
AO LTIP Units Award [Member] | Messr Rudin | Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares to be vested and exercisable | 250,000 | ||
Common stock trade share price | $ 28 | ||
AO LTIP Units Award [Member] | Messr Rudin | Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares to be vested and exercisable | 125,000 | ||
Common stock trade share price | $ 31 |
Veris Residential, Inc. Stock_6
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Restricted Stock Awards) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | ||
Unvested Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested stock outstanding | 39,529 | 52,974 | 42,690 |
Ratified Restricted Stock Awards [Member] | 2013 Incentive Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 39,529 | ||
Ratified Restricted Stock Awards [Member] | 2013 Incentive Stock Plan [Member] | Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Total Stockholder Return Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ 0.3 | ||
Total unrecognized compensation cost, period of recognition | 4 months 24 days | ||
Restricted Stock Units (RSUs) [Member] | 2013 Incentive Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 203,663 | ||
Restricted Stock Units (RSUs) [Member] | 2013 Incentive Stock Plan [Member] | Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Veris Residential, Inc. Stock_7
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Long-Term Incentive Plan Awards) (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Time-Based Award [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 292,000 |
Exercisable time period | 3 years |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance period | 3 years |
TSR percent | 36.00% |
LTIP Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of units forfeited | 31.25% |
Exercisable time period | 3 years |
2016 LTIP Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation cost | $ | $ 4.9 |
Total unrecognized compensation cost, period of recognition | 1 year 6 months |
J Series 2021 OPP [Member] | LTIP Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percent of estimated net asset | 85.00% |
2021 RSU LTIP Awards [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable time period | 3 years |
Performance, 2023 [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 292,000 |
Performance Acheivement | $ / shares | $ 0.60 |
Minimum [Member] | LTIP Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percent of the award | 25.00% |
Maximum [Member] | LTIP Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percent of the award | 100.00% |
Veris Residential, Inc. Stock_8
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Deferred Stock Compensation Plan For Directors) (Narrative) (Details) - shares | Jun. 12, 2020 | Jun. 12, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital [Abstract] | |||||
Maximum percentage of retainer fee that directors may defer | 100.00% | ||||
Deferred stock units earned | 17,894 | 22,086 | 14,337 | ||
Deferred stock units converted | 61,277 | 193,949 | |||
Deferred stock units outstanding | 37,603 | 17,854 |
Veris Residential, Inc. Stock_9
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Earnings Per Share/Unit) (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividends declared per common share | $ 0 | $ 0.40 | $ 0.80 |
VERIS RESIDENTIAL, L.P. [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Distribution declared per common unit | $ 0 | $ 0.40 | $ 0.80 |
Unvested Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested stock outstanding | 39,529 | 52,974 | 42,690 |
Unvested Restricted Stock [Member] | VERIS RESIDENTIAL, L.P. [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested stock outstanding | 39,529 | 52,974 | 42,690 |
Unvested LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested stock outstanding | 1,246,752 | 1,722,929 | 1,826,331 |
Unvested LTIP Units [Member] | VERIS RESIDENTIAL, L.P. [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested stock outstanding | 1,722,929 | 1,826,331 | |
Unvested AO LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested stock outstanding | 625,000 | 625,000 | 625,000 |
Unvested AO LTIP Units [Member] | VERIS RESIDENTIAL, L.P. [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested stock outstanding | 625,000 | 625,000 |
Veris Residential, Inc. Stoc_10
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Schedule Of Stock Option Plans) (Details) - 2013 Incentive Stock Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Shares Under Options - Outstanding, beginning balance | 972,495 | 800,000 | 800,000 | |
Shares Under Options - Granted | 950,000 | |||
Shares Under Options - Granted, Lapsed or Cancelled | 1,107,505 | 172,495 | ||
Shares Under Options - Outstanding, ending balance | 2,080,000 | 972,495 | 800,000 | 800,000 |
Shares Under Options - Options exercisable | 1,130,000 | |||
Shares Under Options - Available for grant | 1,633,689 | |||
Weighted Average Exercise Price - Outstanding, beginning balance | $ 16.79 | $ 17.31 | $ 17.31 | |
Weighted Average Exercise Price - Granted, Lapsed or Cancelled | 16.10 | 14.39 | ||
Weighted Average Exercise Price - Outstanding, ending balance | $ 16.42 | 16.79 | $ 17.31 | $ 17.31 |
Aggregate intrinsic value | $ 4,072 | $ 4,656 | $ 1,824 | |
Outstanding stock option price | $ 17.31 | $ 17.31 | ||
Minimum [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Outstanding stock option price | $ 14.39 | 14.39 | ||
Maximum [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Outstanding stock option price | $ 20 | $ 17.31 |
Veris Residential, Inc. Stoc_11
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Schedule Of Weighted Average Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
AO LTIP Units Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.60% | |
Volatility | 29.00% | |
Dividend yield | 3.50% | |
Minimum [Member] | AO LTIP Units Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 5 years 6 months | |
Maximum [Member] | AO LTIP Units Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 6 years | |
2021 March [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 4 years 6 months | |
Risk-free interest rate | 0.79% | |
Volatility | 35.00% | |
Dividend yield | 1.60% | |
June Regular, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 4 years 7 months 6 days | |
Risk-free interest rate | 0.71% | |
Volatility | 35.00% | |
Dividend yield | 1.50% | |
June Premium, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 5 years 3 months 18 days | |
Risk-free interest rate | 0.94% | |
Volatility | 34.00% | |
Dividend yield | 1.40% | |
Options, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 5 years 3 months 18 days | |
Risk-free interest rate | 0.41% | |
Volatility | 31.00% | |
Dividend yield | 2.70% |
Veris Residential, Inc. Stoc_12
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Schedule Of Restricted Stock Awards) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding, Beginning balance | 52,974 | 42,690 | 67,289 |
Shares, Granted | 39,529 | 52,974 | 42,690 |
Shares, Vested | (52,974) | (42,690) | (65,353) |
Shares, Forfeited | (1,936) | ||
Shares, Outstanding, Ending balance | 39,529 | 52,974 | 42,690 |
Weighted-Average Grant-Date Fair Value, Outstanding beginning balance | $ 15.29 | $ 21.08 | $ 22.43 |
Weighted-Average Grant-Date Fair Value, Granted | 17.71 | 15.29 | 21.08 |
Weighted-Average Grant-Date Fair Value, Vested | 15.29 | 21.08 | 22.34 |
Weighted-Average Grant-Date Fair Value, Forfeited | 25.83 | ||
Weighted-Average Grant-Date Fair Value, Outstanding ending balance | $ 17.71 | $ 15.29 | $ 21.08 |
Veris Residential, Inc. Stoc_13
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Earnings Per Share Tables - Basic Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders Equity [Line Items] | |||||||||||
Income (loss) from continuing operations | $ (149,021) | $ (115,499) | $ 252,852 | ||||||||
Add (deduct): Noncontrolling interests in consolidated joint ventures | 4,595 | 2,695 | 3,904 | ||||||||
Add (deduct): Noncontrolling interests in Operating Partnership | 15,469 | 13,277 | (23,724) | ||||||||
Add (deduct): Redeemable noncontrolling interests | (25,977) | (25,883) | (22,615) | ||||||||
Add (deduct): Redeemable noncontrolling interest | (25,977) | (25,883) | (22,615) | ||||||||
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (7,290) | (11,814) | (25,885) | ||||||||
Income (loss) from continuing operations available to common shareholders | (162,224) | (137,224) | 184,532 | ||||||||
Income (loss) from discontinued operations available to common shareholders | 35,892 | 74,023 | (98,556) | ||||||||
Net income (loss) available to common shareholders for basic earnings per share | $ (126,332) | $ (63,201) | $ 85,976 | ||||||||
Weighted average common shares | 90,839 | 90,648 | 90,557 | ||||||||
Income (loss) from continuing operations available to common shareholders | $ (0.32) | $ (0.34) | $ (0.86) | $ (0.28) | $ 0.22 | $ (0.83) | $ (0.50) | $ (0.40) | $ (1.79) | $ (1.51) | $ 2.04 |
Income (loss) from discontinued operations available to common shareholders | 0.01 | 0.05 | 0.34 | 0.45 | 0.34 | 0.09 | (0.07) | 0.40 | 0.81 | (1.09) | |
Net income (loss) available to common shareholders | (0.32) | (0.33) | (0.81) | 0.06 | 0.67 | (0.49) | (0.41) | (0.47) | $ (1.39) | $ (0.70) | $ 0.95 |
VERIS RESIDENTIAL, L.P. [Member] | |||||||||||
Stockholders Equity [Line Items] | |||||||||||
Income (loss) from continuing operations | $ (149,021) | $ (115,499) | $ 252,852 | ||||||||
Add (deduct): Noncontrolling interests in consolidated joint ventures | 4,595 | 2,695 | 3,904 | ||||||||
Add (deduct): Redeemable noncontrolling interests | (25,977) | (25,883) | (22,615) | ||||||||
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (8,016) | (13,068) | (28,740) | ||||||||
Income (loss) from continuing operations available to common shareholders | (178,419) | (151,755) | 205,401 | ||||||||
Income (loss) from discontinued operations available to common shareholders | 39,482 | 81,901 | (109,016) | ||||||||
Net income (loss) available to common shareholders for basic earnings per share | $ (138,937) | $ (69,854) | $ 96,385 | ||||||||
Weighted average common units | 99,893 | 100,260 | 100,520 | ||||||||
Income (loss) from continuing operations available to common shareholders | (0.32) | (0.34) | (0.86) | (0.28) | 0.22 | (0.83) | (0.50) | (0.40) | $ (1.79) | $ (1.51) | $ 2.04 |
Income (loss) from discontinued operations available to common shareholders | 0.01 | 0.05 | 0.34 | 0.45 | 0.34 | 0.09 | (0.07) | 0.40 | 0.81 | (1.09) | |
Net income (loss) available to common shareholders | $ (0.32) | $ (0.33) | $ (0.81) | $ 0.06 | $ 0.67 | $ (0.49) | $ (0.41) | $ (0.47) | $ (1.39) | $ (0.70) | $ 0.95 |
Veris Residential, Inc. Stoc_14
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Earnings Per Share Tables - Diluted Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders Equity [Line Items] | |||||||||||
Net income (loss) from continuing operations available to common shareholders | $ (162,224,000) | $ (137,224,000) | $ 184,532,000 | ||||||||
Add (deduct): Noncontrolling interests in Operating Partnership | (15,469,000) | (13,277,000) | 23,724,000 | ||||||||
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests in the Operating Partnership unitholders | (726,000) | (1,254,000) | (2,855,000) | ||||||||
Income (loss) from continuing operations for diluted earnings per share | (178,419,000) | (151,755,000) | 205,401,000 | ||||||||
Income (loss) from discontinued operations for diluted earnings per share | 39,482,000 | 81,901,000 | (109,016,000) | ||||||||
Net income (loss) available for diluted earnings per share | $ (138,937,000) | $ (69,854,000) | $ 96,385,000 | ||||||||
Weighted average common shares | 99,893 | 100,260 | 100,689 | ||||||||
Income (loss) from continuing operations available to common shareholders | $ (0.32) | $ (0.34) | $ (0.86) | $ (0.28) | $ 0.22 | $ (0.83) | $ (0.50) | $ (0.40) | $ (1.79) | $ (1.51) | $ 2.04 |
Income (loss) from discontinued operations available to common shareholders | 0.01 | 0.05 | 0.34 | 0.45 | 0.34 | 0.09 | (0.07) | 0.40 | 0.81 | (1.09) | |
Net income (loss) available to common shareholders | (0.32) | (0.33) | (0.81) | 0.06 | 0.67 | (0.49) | (0.41) | (0.47) | $ (1.39) | $ (0.70) | $ 0.95 |
VERIS RESIDENTIAL, L.P. [Member] | |||||||||||
Stockholders Equity [Line Items] | |||||||||||
Income (loss) from continuing operations for diluted earnings per share | $ (178,419,000) | $ (151,755,000) | $ 205,401,000 | ||||||||
Income (loss) from discontinued operations for diluted earnings per share | 39,482,000 | 81,901,000 | (109,016,000) | ||||||||
Net income (loss) available for diluted earnings per share | $ (138,937,000) | $ (69,854,000) | $ 96,385,000 | ||||||||
Weighted average common unit | 99,893 | 100,260 | 100,689 | ||||||||
Income (loss) from continuing operations available to common shareholders | (0.32) | (0.34) | (0.86) | (0.28) | 0.22 | (0.83) | (0.50) | (0.40) | $ (1.79) | $ (1.51) | $ 2.04 |
Income (loss) from discontinued operations available to common shareholders | 0.01 | 0.05 | 0.34 | 0.45 | 0.34 | 0.09 | (0.07) | 0.40 | 0.81 | (1.09) | |
Net income (loss) available to common shareholders | $ (0.32) | $ (0.33) | $ (0.81) | $ 0.06 | $ 0.67 | $ (0.49) | $ (0.41) | $ (0.47) | $ (1.39) | $ (0.70) | $ 0.95 |
Veris Residential, Inc. Stoc_15
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders Equity [Line Items] | |||
Basic EPS shares | 90,839 | 90,648 | 90,557 |
Add: Operating Partnership - common and vested LTIP units | 9,054 | 9,612 | 9,963 |
Stock Options | 169 | ||
Diluted EPS Shares | 99,893 | 100,260 | 100,689 |
VERIS RESIDENTIAL, L.P. [Member] | |||
Stockholders Equity [Line Items] | |||
Basic EPU units | 99,893 | 100,260 | 100,520 |
Stock Options | 169 | ||
Diluted EPU Units | 99,893 | 100,260 | 100,689 |
Noncontrolling Interests In S_3
Noncontrolling Interests In Subsidiaries (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)ft²shares | Dec. 31, 2020ft²shares | |
Noncontrolling Interest [Line Items] | ||
Number of common shares received upon redemption of common units | 1 | |
Rebalance of ownership percentage | $ | $ 1.4 | |
Rentable Square Feet (sf) | ft² | 3,049,313 | 2,725,639 |
Redemption of common units, shares | 53,000 | |
Value of units redeemed | $ | $ 0.9 | |
Participation Rights [Member] | ||
Noncontrolling Interest [Line Items] | ||
Excess net cash flow remaining after the distribution to the Company | 50.00% | |
Internal rate of return | 10.00% | |
VERIS RESIDENTIAL, L.P. [Member] | ||
Noncontrolling Interest [Line Items] | ||
Percentage of noncontrolling interest | 9.00% | 9.60% |
Disposal Group, Not Discontinued Operations [Member] | Office Buildings [Member] | ||
Noncontrolling Interest [Line Items] | ||
Redemption of common units, shares | 678,302 | |
Value of units redeemed | $ | $ 10.5 | |
AO LTIP Units Award [Member] | ||
Noncontrolling Interest [Line Items] | ||
Exercisable period | 10 years | |
AO LTIP Units Award [Member] | Messr Rudin | ||
Noncontrolling Interest [Line Items] | ||
Shares granted | 625,000 | 625,000 |
Noncontrolling Interests In S_4
Noncontrolling Interests In Subsidiaries (Changes In Noncontrolling Interests Of Subsidiaries) (Details) - VERIS RESIDENTIAL, L.P. [Member] - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, Beginning, Common Units/Vested LTIP Units | 9,649,031 | 9,612,064 | 10,229,349 |
Redemption of common units for shares of common stock | (175,257) | (38,011) | |
Redemption of common units | (730,850) | (138,615) | (665,918) |
Conversion of vested LTIP units to common units | 205,434 | 38,626 | 18,438 |
Vested LTIP units | 65,176 | 136,957 | 68,206 |
Cancellation of units | (1) | ||
Balance, Ending, Common Units/Vested LTIP Units | 9,013,534 | 9,649,031 | 9,612,064 |
Balance, Beginning, Unvested LTIP Units | 1,722,929 | 1,826,331 | 1,707,106 |
Vested LTIP units | (270,610) | (175,583) | (86,644) |
Issuance of units, LTIP Units | 334,449 | 1,287,568 | 565,623 |
Cancellation of units | (540,016) | (1,215,387) | (359,754) |
Balance, Ending, Unvested LTIP Units | 1,246,752 | 1,722,929 | 1,826,331 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of business segments | segment | 2 | ||||||||||
Total revenues | $ 88,233,000 | $ 83,744,000 | $ 81,247,000 | $ 76,093,000 | $ 76,564,000 | $ 79,197,000 | $ 74,197,000 | $ 83,604,000 | $ 329,317,000 | $ 313,562,000 | $ 357,202,000 |
Foreign Locations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | $ 0 | ||||||||
Long lived assets | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Selected Results Of Operations And Asset Information) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 88,233,000 | $ 83,744,000 | $ 81,247,000 | $ 76,093,000 | $ 76,564,000 | $ 79,197,000 | $ 74,197,000 | $ 83,604,000 | $ 329,317,000 | $ 313,562,000 | $ 357,202,000 |
Total operating and interest expenses | 281,456,000 | 295,975,000 | 296,955,000 | ||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (4,251,000) | (3,832,000) | (1,319,000) | ||||||||
Net operating income (loss) | 43,610,000 | 13,755,000 | 58,928,000 | ||||||||
Total assets | 4,527,318,000 | 5,147,786,000 | 4,527,318,000 | 5,147,786,000 | |||||||
Total long-lived assets | 4,184,381,000 | 4,727,128,000 | 4,184,381,000 | 4,727,128,000 | |||||||
Total investments in unconsolidated joint ventures | 137,772,000 | 162,382,000 | 137,772,000 | 162,382,000 | |||||||
Commercial And Other Real Estate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 159,532,000 | 155,045,000 | 184,966,000 | ||||||||
Total operating and interest expenses | 64,409,000 | 73,160,000 | 80,018,000 | ||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (111,000) | (2,254,000) | (1,194,000) | ||||||||
Net operating income (loss) | 95,012,000 | 79,631,000 | 103,754,000 | ||||||||
Total assets | 1,216,717,000 | 1,881,161,000 | 1,216,717,000 | 1,881,161,000 | |||||||
Total long-lived assets | 1,087,198,000 | 1,693,054,000 | 1,087,198,000 | 1,693,054,000 | |||||||
Total investments in unconsolidated joint ventures | 5,555,000 | 5,555,000 | |||||||||
Multiple-Family Real Estate & Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 171,030,000 | 156,841,000 | 170,833,000 | ||||||||
Total operating and interest expenses | 108,197,000 | 95,631,000 | 89,512,000 | ||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (4,140,000) | (1,578,000) | (125,000) | ||||||||
Net operating income (loss) | 58,693,000 | 59,632,000 | 81,196,000 | ||||||||
Total assets | 3,294,226,000 | 3,249,516,000 | 3,294,226,000 | 3,249,516,000 | |||||||
Total long-lived assets | 3,098,492,000 | 3,035,485,000 | 3,098,492,000 | 3,035,485,000 | |||||||
Total investments in unconsolidated joint ventures | 137,772,000 | 156,827,000 | 137,772,000 | 156,827,000 | |||||||
Corporate & Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (1,245,000) | 1,676,000 | 1,403,000 | ||||||||
Total operating and interest expenses | 108,850,000 | 127,184,000 | 127,425,000 | ||||||||
Net operating income (loss) | (110,095,000) | (125,508,000) | $ (126,022,000) | ||||||||
Total assets | 16,375,000 | 17,109,000 | 16,375,000 | 17,109,000 | |||||||
Total long-lived assets | $ (1,309,000) | $ (1,411,000) | $ (1,309,000) | $ (1,411,000) |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Net operating income | $ 43,610,000 | $ 13,755,000 | $ 58,928,000 | ||||||||
Depreciation and amortization | (111,618,000) | (122,035,000) | (133,597,000) | ||||||||
Land and other impairments | (23,719,000) | (16,817,000) | (32,444,000) | ||||||||
Property impairments | 13,467,000 | 36,582,000 | |||||||||
Gain on change of control of interests | 13,790,000 | ||||||||||
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 3,022,000 | 5,481,000 | 343,102,000 | ||||||||
Gain on disposition of developable land | 2,115,000 | 5,787,000 | 522,000 | ||||||||
Gain on sale from unconsolidated joint ventures | (1,886,000) | 35,184,000 | 903,000 | ||||||||
Gain (loss) from extinguishment of debt, net | (47,078,000) | (272,000) | 1,648,000 | ||||||||
Income (loss) from continuing operations | (149,021,000) | (115,499,000) | 252,852,000 | ||||||||
Income from discontinued operations | 13,930,000 | 70,700,000 | 24,334,000 | ||||||||
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 25,552,000 | 11,201,000 | (133,350,000) | ||||||||
Total discontinued operations, net | 39,482,000 | 81,901,000 | (109,016,000) | ||||||||
Net income (loss) | $ (23,237,000) | $ (25,792,000) | $ (74,031,000) | $ 13,521,000 | $ 78,298,000 | $ (41,118,000) | $ (32,934,000) | $ (37,844,000) | (109,539,000) | (33,598,000) | 143,836,000 |
Noncontrolling interests in consolidated joint ventures | 4,595,000 | 2,695,000 | 3,904,000 | ||||||||
Noncontrolling interests in Operating Partnership | 15,469,000 | 13,277,000 | (23,724,000) | ||||||||
Noncontrolling interests in Operating Partnership in discontinued operations | (3,590,000) | (7,878,000) | 10,460,000 | ||||||||
Redeemable noncontrolling interests | (25,977,000) | (25,883,000) | (22,615,000) | ||||||||
Net income (loss) available to common shareholders | (26,272,000) | (28,314,000) | (72,079,000) | 7,623,000 | 65,632,000 | (42,208,000) | (34,887,000) | (39,924,000) | (119,042,000) | (51,387,000) | 111,861,000 |
VERIS RESIDENTIAL, L.P. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net operating income | 43,610,000 | 13,755,000 | 58,928,000 | ||||||||
Depreciation and amortization | (111,618,000) | (122,035,000) | (133,597,000) | ||||||||
Land and other impairments | (23,719,000) | (16,817,000) | (32,444,000) | ||||||||
Property impairments | 13,467,000 | 36,582,000 | |||||||||
Gain on change of control of interests | 13,790,000 | ||||||||||
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 3,022,000 | 5,481,000 | 343,102,000 | ||||||||
Gain on disposition of developable land | 2,115,000 | 5,787,000 | 522,000 | ||||||||
Gain on sale from unconsolidated joint ventures | (1,886,000) | 35,184,000 | 903,000 | ||||||||
Gain (loss) from extinguishment of debt, net | (47,078,000) | (272,000) | 1,648,000 | ||||||||
Income (loss) from continuing operations | (149,021,000) | (115,499,000) | 252,852,000 | ||||||||
Income from discontinued operations | 13,930,000 | 70,700,000 | 24,334,000 | ||||||||
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 25,552,000 | 11,201,000 | (133,350,000) | ||||||||
Total discontinued operations, net | 39,482,000 | 81,901,000 | (109,016,000) | ||||||||
Net income (loss) | (23,237,000) | (25,792,000) | (74,031,000) | 13,521,000 | 78,298,000 | (41,118,000) | (32,934,000) | (37,844,000) | (109,539,000) | (33,598,000) | 143,836,000 |
Noncontrolling interests in consolidated joint ventures | 4,595,000 | 2,695,000 | 3,904,000 | ||||||||
Redeemable noncontrolling interests | (25,977,000) | (25,883,000) | (22,615,000) | ||||||||
Net income (loss) available to common shareholders | $ (28,876,000) | $ (31,126,000) | $ (79,304,000) | $ 8,385,000 | $ 72,623,000 | $ (46,694,000) | $ (38,576,000) | $ (44,139,000) | $ (130,921,000) | $ (56,786,000) | $ 125,125,000 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($)item | Dec. 31, 2021USD ($)ft²propertyitem | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | |
Related Party Transaction [Line Items] | ||||
Area Of Real Estate Property | ft² | 3,049,313 | 2,725,639 | ||
Revenue from leases | $ 282,791,000 | $ 272,970,000 | $ 302,409,000 | |
Reimbursement expense | $ 6,100,000 | |||
General and administrative | 57,198,000 | 71,058,000 | 59,805,000 | |
Number of payments | item | 3 | |||
Marshall [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from related parties | 84,000 | 99,000 | ||
Due to related party, Current | 120,000 | |||
Accounts payable to related parties | 0 | 0 | ||
RG [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party revenue | 0 | 0 | 674,000 | |
Bow Street LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Reimbursement expense | $ 6,100,000 | |||
General and administrative | $ 6,100,000 | $ 6,100,000 | ||
Number of payments | item | 3 | |||
Leased Office Space 1 [Member] | Mack [Member] | ||||
Related Party Transaction [Line Items] | ||||
Area Of Real Estate Property | ft² | 5,930 | |||
Number of real estate properties | property | 1 | |||
Lease expiration date | January 2025 | |||
Leased Property [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of real estate properties | property | 1 | |||
Leased Property [Member] | Mack [Member] | ||||
Related Party Transaction [Line Items] | ||||
Area Of Real Estate Property | ft² | 7,034 | |||
Revenue from leases | 48,000 | $ 18,000 | ||
Accounts Receivable, Related Parties, Current | $ 0 | $ 0 |
Condensed Quarterly Financial_3
Condensed Quarterly Financial Information (Summary Of Condensed Quarterly Financial Information) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenues | $ 88,233,000 | $ 83,744,000 | $ 81,247,000 | $ 76,093,000 | $ 76,564,000 | $ 79,197,000 | $ 74,197,000 | $ 83,604,000 | $ 329,317,000 | $ 313,562,000 | $ 357,202,000 |
Net income (loss) | (23,237,000) | (25,792,000) | (74,031,000) | 13,521,000 | 78,298,000 | (41,118,000) | (32,934,000) | (37,844,000) | (109,539,000) | (33,598,000) | 143,836,000 |
Net income (loss) available to common shareholders | $ (26,272,000) | $ (28,314,000) | $ (72,079,000) | $ 7,623,000 | $ 65,632,000 | $ (42,208,000) | $ (34,887,000) | $ (39,924,000) | $ (119,042,000) | $ (51,387,000) | $ 111,861,000 |
Basic earnings per common share: | |||||||||||
Income from continuing operations | $ (0.32) | $ (0.34) | $ (0.86) | $ (0.28) | $ 0.22 | $ (0.83) | $ (0.50) | $ (0.40) | $ (1.79) | $ (1.51) | $ 2.04 |
Discontinued operations | 0.01 | 0.05 | 0.34 | 0.45 | 0.34 | 0.09 | (0.07) | 0.40 | 0.81 | (1.09) | |
Net income (loss) available to common shareholders | (0.32) | (0.33) | (0.81) | 0.06 | 0.67 | (0.49) | (0.41) | (0.47) | (1.39) | (0.70) | 0.95 |
Diluted earnings per common share: | |||||||||||
Income from continuing operations | (0.32) | (0.34) | (0.86) | (0.28) | 0.22 | (0.83) | (0.50) | (0.40) | (1.79) | (1.51) | 2.04 |
Discontinued operations | 0.01 | 0.05 | 0.34 | 0.45 | 0.34 | 0.09 | (0.07) | 0.40 | 0.81 | (1.09) | |
Net income (loss) available to common shareholders | $ (0.32) | $ (0.33) | $ (0.81) | $ 0.06 | $ 0.67 | $ (0.49) | $ (0.41) | $ (0.47) | $ (1.39) | $ (0.70) | $ 0.95 |
VERIS RESIDENTIAL, L.P. [Member] | |||||||||||
Total revenues | $ 88,233,000 | $ 83,744,000 | $ 81,247,000 | $ 76,093,000 | $ 76,564,000 | $ 79,197,000 | $ 74,197,000 | $ 83,604,000 | $ 329,317,000 | $ 313,562,000 | $ 357,202,000 |
Net income (loss) | (23,237,000) | (25,792,000) | (74,031,000) | 13,521,000 | 78,298,000 | (41,118,000) | (32,934,000) | (37,844,000) | (109,539,000) | (33,598,000) | 143,836,000 |
Net income (loss) available to common shareholders | $ (28,876,000) | $ (31,126,000) | $ (79,304,000) | $ 8,385,000 | $ 72,623,000 | $ (46,694,000) | $ (38,576,000) | $ (44,139,000) | $ (130,921,000) | $ (56,786,000) | $ 125,125,000 |
Basic earnings per common share: | |||||||||||
Income from continuing operations | $ (0.32) | $ (0.34) | $ (0.86) | $ (0.28) | $ 0.22 | $ (0.83) | $ (0.50) | $ (0.40) | $ (1.79) | $ (1.51) | $ 2.04 |
Discontinued operations | 0.01 | 0.05 | 0.34 | 0.45 | 0.34 | 0.09 | (0.07) | 0.40 | 0.81 | (1.09) | |
Net income (loss) available to common shareholders | (0.32) | (0.33) | (0.81) | 0.06 | 0.67 | (0.49) | (0.41) | (0.47) | (1.39) | (0.70) | 0.95 |
Diluted earnings per common share: | |||||||||||
Income from continuing operations | (0.32) | (0.34) | (0.86) | (0.28) | 0.22 | (0.83) | (0.50) | (0.40) | (1.79) | (1.51) | 2.04 |
Discontinued operations | 0.01 | 0.05 | 0.34 | 0.45 | 0.34 | 0.09 | (0.07) | 0.40 | 0.81 | (1.09) | |
Net income (loss) available to common shareholders | $ (0.32) | $ (0.33) | $ (0.81) | $ 0.06 | $ 0.67 | $ (0.49) | $ (0.41) | $ (0.47) | $ (1.39) | $ (0.70) | $ 0.95 |
Real Estate Investments And A_2
Real Estate Investments And Accumulated Depreciation (Schedule Of Real Estate Investments And Accumulated Depreciation) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | $ 2,241,070 |
Initial Costs, Land | 674,199 |
Initial Costs, Building and Improvements | 3,053,411 |
Costs Capitalized Subsequent to Acquisition | 1,127,441 |
Gross Amount at Which Carried at Close of Period, Land | 654,903 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,200,147 |
Total | 4,855,050 |
Accumulated Depreciation | 742,953 |
Real Estate Aggregate Cost, Tax Purpose | 3,200,000 |
Real Estate Held-for-sale Accumulated Depreciation | $ 159,500 |
Office [Member] | 111 River St. [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2002 |
Acquired | 2016 |
Related Encumbrances | $ 148,897 |
Initial Costs, Building and Improvements | 198,609 |
Costs Capitalized Subsequent to Acquisition | 15,604 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 214,213 |
Total | 214,213 |
Accumulated Depreciation | $ 31,096 |
Office [Member] | Harborside Plaza 2 [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 1990 |
Acquired | 1996 |
Initial Costs, Land | $ 17,655 |
Initial Costs, Building and Improvements | 101,546 |
Costs Capitalized Subsequent to Acquisition | 73,669 |
Gross Amount at Which Carried at Close of Period, Land | 8,363 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 184,507 |
Total | 192,870 |
Accumulated Depreciation | $ 87,603 |
Office [Member] | Harborside Plaza 3 [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 1990 |
Acquired | 1996 |
Initial Costs, Land | $ 17,655 |
Initial Costs, Building and Improvements | 101,878 |
Costs Capitalized Subsequent to Acquisition | 73,337 |
Gross Amount at Which Carried at Close of Period, Land | 8,363 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 184,507 |
Total | 192,870 |
Accumulated Depreciation | $ 87,603 |
Office [Member] | Harborside Plaza 4A [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2002 |
Acquired | 2002 |
Initial Costs, Land | $ 6,218 |
Initial Costs, Building and Improvements | 170,682 |
Costs Capitalized Subsequent to Acquisition | 63,367 |
Gross Amount at Which Carried at Close of Period, Land | 5,705 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 234,562 |
Total | 240,267 |
Accumulated Depreciation | $ 118,295 |
Office [Member] | Harborside Plaza 5 [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2000 |
Acquired | 2000 |
Initial Costs, Land | $ 1,244 |
Initial Costs, Building and Improvements | 56,144 |
Costs Capitalized Subsequent to Acquisition | 13,364 |
Gross Amount at Which Carried at Close of Period, Land | 1,244 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 69,508 |
Total | 70,752 |
Accumulated Depreciation | $ 31,273 |
Office [Member] | 101 Hudson Street [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 1992 |
Acquired | 2005 |
Related Encumbrances | $ 249,056 |
Initial Costs, Land | 45,530 |
Initial Costs, Building and Improvements | 271,376 |
Costs Capitalized Subsequent to Acquisition | 49,831 |
Gross Amount at Which Carried at Close of Period, Land | 45,530 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 321,207 |
Total | 366,737 |
Accumulated Depreciation | $ 128,442 |
Office [Member] | 23 Main Street [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 1977 |
Acquired | 2005 |
Initial Costs, Land | $ 4,336 |
Initial Costs, Building and Improvements | 19,544 |
Costs Capitalized Subsequent to Acquisition | 6,400 |
Gross Amount at Which Carried at Close of Period, Land | 4,336 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 25,944 |
Total | 30,280 |
Accumulated Depreciation | 11,671 |
Land [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate Held-for-sale | $ 160,000 |
Multi-Family Properties [Member] | Upton [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2021 |
Related Encumbrances | $ 74,328 |
Initial Costs, Land | 2,850 |
Costs Capitalized Subsequent to Acquisition | 91,673 |
Gross Amount at Which Carried at Close of Period, Land | 2,850 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 91,673 |
Total | 94,523 |
Accumulated Depreciation | $ 2,154 |
Multi-Family Properties [Member] | Soho Lofts [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2017 |
Acquired | 2019 |
Related Encumbrances | $ 159,112 |
Initial Costs, Land | 27,601 |
Initial Costs, Building and Improvements | 224,039 |
Costs Capitalized Subsequent to Acquisition | 4,663 |
Gross Amount at Which Carried at Close of Period, Land | 27,601 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 228,702 |
Total | 256,303 |
Accumulated Depreciation | $ 18,774 |
Multi-Family Properties [Member] | Liberty Towers [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2003 |
Acquired | 2019 |
Related Encumbrances | $ 263,888 |
Initial Costs, Land | 66,670 |
Initial Costs, Building and Improvements | 328,347 |
Costs Capitalized Subsequent to Acquisition | 7,344 |
Gross Amount at Which Carried at Close of Period, Land | 66,670 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 335,691 |
Total | 402,361 |
Accumulated Depreciation | $ 19,718 |
Multi-Family Properties [Member] | BLVD 475 N/S [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2011 |
Acquired | 2017 |
Related Encumbrances | $ 164,915 |
Initial Costs, Land | 58,761 |
Initial Costs, Building and Improvements | 240,871 |
Costs Capitalized Subsequent to Acquisition | 6,323 |
Gross Amount at Which Carried at Close of Period, Land | 58,761 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 247,194 |
Total | 305,955 |
Accumulated Depreciation | $ 33,036 |
Multi-Family Properties [Member] | BLVD 401 [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2016 |
Acquired | 2019 |
Related Encumbrances | $ 116,447 |
Initial Costs, Land | 36,595 |
Initial Costs, Building and Improvements | 152,440 |
Costs Capitalized Subsequent to Acquisition | 438 |
Gross Amount at Which Carried at Close of Period, Land | 36,595 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 152,878 |
Total | 189,473 |
Accumulated Depreciation | $ 12,038 |
Multi-Family Properties [Member] | BLVD 425 [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2003 |
Acquired | 2018 |
Related Encumbrances | $ 130,420 |
Initial Costs, Land | 48,820 |
Initial Costs, Building and Improvements | 160,740 |
Costs Capitalized Subsequent to Acquisition | 5,611 |
Gross Amount at Which Carried at Close of Period, Land | 48,820 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 166,351 |
Total | 215,171 |
Accumulated Depreciation | $ 16,350 |
Multi-Family Properties [Member] | Riverhouse 11 at Port Imperial [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2018 |
Acquired | 2018 |
Related Encumbrances | $ 99,854 |
Initial Costs, Land | 22,047 |
Costs Capitalized Subsequent to Acquisition | 112,301 |
Gross Amount at Which Carried at Close of Period, Land | 22,047 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 112,301 |
Total | 134,348 |
Accumulated Depreciation | $ 11,257 |
Multi-Family Properties [Member] | Riverhouse 9 At Port Imperia [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2021 |
Related Encumbrances | $ 86,917 |
Initial Costs, Land | 2,686 |
Costs Capitalized Subsequent to Acquisition | 131,280 |
Gross Amount at Which Carried at Close of Period, Land | 2,686 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 131,280 |
Total | 133,966 |
Accumulated Depreciation | $ 1,323 |
Multi-Family Properties [Member] | Signature Place At Morris Plains [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2018 |
Acquired | 2018 |
Related Encumbrances | $ 42,752 |
Initial Costs, Land | 930 |
Costs Capitalized Subsequent to Acquisition | 56,414 |
Gross Amount at Which Carried at Close of Period, Land | 930 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 56,414 |
Total | 57,344 |
Accumulated Depreciation | $ 6,103 |
Multi-Family Properties [Member] | Quarry Place At Tuckahoe [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2016 |
Acquired | 2016 |
Related Encumbrances | $ 40,631 |
Initial Costs, Land | 5,585 |
Initial Costs, Building and Improvements | 3,400 |
Costs Capitalized Subsequent to Acquisition | 48,953 |
Gross Amount at Which Carried at Close of Period, Land | 5,585 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 52,353 |
Total | 57,938 |
Accumulated Depreciation | $ 7,780 |
Multi-Family Properties [Member] | Emery At Overlook Ridge [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2020 |
Acquired | 2014 |
Related Encumbrances | $ 71,426 |
Initial Costs, Land | 4,115 |
Initial Costs, Building and Improvements | 86,093 |
Costs Capitalized Subsequent to Acquisition | 10,023 |
Gross Amount at Which Carried at Close of Period, Land | 9,103 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 91,128 |
Total | 100,231 |
Accumulated Depreciation | $ 5,310 |
Multi-Family Properties [Member] | Portside At Pier One [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2015 |
Acquired | 2016 |
Related Encumbrances | $ 58,880 |
Initial Costs, Building and Improvements | 73,713 |
Costs Capitalized Subsequent to Acquisition | 656 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 74,369 |
Total | 74,369 |
Accumulated Depreciation | $ 14,022 |
Multi-Family Properties [Member] | Portside 5/6 [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2018 |
Acquired | 2018 |
Related Encumbrances | $ 96,633 |
Initial Costs, Building and Improvements | 37,114 |
Costs Capitalized Subsequent to Acquisition | 77,248 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 114,362 |
Total | 114,362 |
Accumulated Depreciation | $ 12,335 |
Multi-Family Properties [Member] | 145 Front Street [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2018 |
Acquired | 2015 |
Related Encumbrances | $ 62,645 |
Initial Costs, Land | 4,380 |
Costs Capitalized Subsequent to Acquisition | 92,178 |
Gross Amount at Which Carried at Close of Period, Land | 4,380 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 92,178 |
Total | 96,558 |
Accumulated Depreciation | $ 10,752 |
Other Property [Member] | 100 Avenue At Port Imperial [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2016 |
Acquired | 2016 |
Initial Costs, Land | $ 350 |
Costs Capitalized Subsequent to Acquisition | 30,734 |
Gross Amount at Which Carried at Close of Period, Land | 1,958 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 29,126 |
Total | 31,084 |
Accumulated Depreciation | $ 5,313 |
Other Property [Member] | 500 Avenue At Port Imperial [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2013 |
Acquired | 2013 |
Related Encumbrances | $ 32,443 |
Initial Costs, Land | 13,099 |
Initial Costs, Building and Improvements | 56,669 |
Costs Capitalized Subsequent to Acquisition | (19,331) |
Gross Amount at Which Carried at Close of Period, Land | 13,099 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 37,338 |
Total | 50,437 |
Accumulated Depreciation | $ 7,898 |
Other Property [Member] | Autograph Collection By Marriott (Phase II) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2019 |
Acquired | 2015 |
Related Encumbrances | $ 88,714 |
Initial Costs, Land | 23,660 |
Costs Capitalized Subsequent to Acquisition | 74,655 |
Gross Amount at Which Carried at Close of Period, Land | 16,866 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 81,449 |
Total | 98,315 |
Accumulated Depreciation | $ 13,101 |
Other Property [Member] | Port Imperial North Retail, L.L.C. [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Year Built | 2008 |
Acquired | 2020 |
Initial Costs, Land | $ 4,305 |
Initial Costs, Building and Improvements | 8,216 |
Costs Capitalized Subsequent to Acquisition | 695 |
Gross Amount at Which Carried at Close of Period, Land | 4,305 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,911 |
Total | 13,216 |
Accumulated Depreciation | 647 |
Projects Under Development And Developable Land [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 253,112 |
Initial Costs, Land | 259,107 |
Initial Costs, Building and Improvements | 761,990 |
Gross Amount at Which Carried at Close of Period, Land | 259,106 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 761,990 |
Total | 1,021,096 |
Accumulated Depreciation | 49,059 |
Furniture, Fixtures And Equipment [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Costs Capitalized Subsequent to Acquisition | 100,011 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 100,011 |
Total | $ 100,011 |
Buildings And Improvements [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Useful Live | 40 years |
Real Estate Held-for-sale | $ 618,200 |
Real Estate Investments And A_3
Real Estate Investments And Accumulated Depreciation (Schedule Of Changes In Rental Properties And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate Investments And Accumulated Depreciation [Abstract] | |||
Rental Properties, Balance at beginning of year | $ 4,638,643 | $ 4,256,681 | $ 5,306,017 |
Rental Properties, Additions | 1,002,342 | 1,776,276 | 1,349,959 |
Rental Properties, Real estate held for sale | (778,184) | (944,082) | (1,553,383) |
Rental Properties, Properties sold | (744,810) | (443,755) | (824,167) |
Rental Properties, Impairments | (27,547) | ||
Rental Properties, Retirements/disposals | (13,578) | (6,477) | (21,745) |
Rental Properties, Balance at end of year | 4,076,866 | 4,638,643 | 4,256,681 |
Accumulated Depreciation, Balance at beginning of year | 656,331 | 558,617 | 1,097,868 |
Accumulated Depreciation, Depreciation expense | 102,062 | 104,421 | 156,250 |
Accumulated Depreciation, Real estate held for sale | (159,541) | 2,238 | (411,833) |
Accumulated Depreciation, Properties sold | (261,923) | ||
Accumulated Depreciation, Impairments | (1,858) | (2,469) | |
Accumulated Depreciation, Retirements/disposals | (13,578) | (6,477) | (21,745) |
Accumulated Depreciation, Balance at end of year | $ 583,416 | $ 656,331 | $ 558,617 |